Bitcoin price

Morgan Creek puts up a $1 million wager, inviting investors who believe the crypto market won’t outperform the S&P 500 to put their money where their mouth is, according to a CNBC report.

Morgan Creek operates an index fund called the Digital Asset Index Fund, in partnership with Bitwise Asset Management. The index funds offer high net-worth investors exposure to the top cryptocurrencies by market value.

The cryptocurrency investment firm is calling the challenge the Buffett Bet 2.0, mimicking Warren Buffet’s 2007 decision to bet $1 million that the S&P 500 would do better than a group of hedge funds against asset manager Protégé Partners. Buffet ended up winning the bet before donating his earnings to charity. Likewise, Morgan Creek is calling on any investor who believes the S&P 500 would produce more returns than Morgan Creek’s crypto investments over a 10 year period.

Co-founder and partner at Morgan Creek, Anthony Pompliano, said whoever’s on the other side of the bet has to be either someone bullish on the index fund or someone who believes cryptos are overvalued.

“This is a combination of our outlook not only for…