Categories: Cryptocurrency

Investor bets $1M on Bitcoin reaching $50K within 12 months

An investor has put his 1 million dollars on a bet that Bitcoin will reach 50,000 dollars by the end of 2018.

The investor, most probably an institutional investor, placed the bet on LedgerX, an online market of Bitcoin derivatives. The first of its kind trade was confirmed last Wednesday, over a 24-hour time period and there has been little information as to who placed this much of big amount on stake.

A lot of people will be rolling their eyes on such a bet because Bitcoin and altcoins are going through a major correction right now. Just a week before, Bitcoin reached a peak value of 19,000 dollars and yesterday the value plummeted to 12,000 dollars only; a lot of short time investors lost their sleep on it.

Read Also: How to buy Bitcoin in Pakistan

So coming back to the details of the bet and what does this bet mean? The bet means that if Bitcoin doesn’t reach $50,000 at the end of next year, the investor will lose all of 1 million dollars. But if Bitcoin surpasses $50,000 at the end of the year. The investor will have the right to buy 275 Bitcoins for $50,000 a Bitcoin; a transaction which amounts in value to a whopping $13.2 million dollars.

LedgerX hasn’t disclosed the identity of investor who placed these options but it is referring that investor belongs to some institution.

Without a doubt, there are institutions out there that are looking at these types of trades or have done these types of trades. It’s not an individual, let’s put it that way,” the institutional trading and clearing platform told CoinTelegraph.

Bitcoin and other altcoins crashed hard yesterday. Almost all the major coins except Ripple shed massive value. The extreme drop down of $4000 in the value of the Bitcoin is the highest recorded value loss during the year 2017.

Read Also: Buy Ripple in Pakistan

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Share
Published by
TechJuice

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

4 hours ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

5 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

6 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

6 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

8 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

9 hours ago