Crypto-focused institutional asset managing director Morgan Creek Digital has issued a $ane meg bet confronting the S&P 500 (SPX) stock market index, a press release shared with Cointelegraph reveals Dec. 6.

The crypto fund has issued a wager that its Digital Nugget Alphabetize Fund –– a basket of ten major crypto assets –– will outperform the SPX over the next 10 years, starting January. 1, 2022.

The S&P 500 is based on market capitalizations of 500 big companies that accept mutual stock listed on major U.S. stock exchanges, the New York Stock Substitution (NYSE) or the Nasdaq Stock Market (NASDAQ).

The claiming from Morgan Creek Digital, dubbed "Buffett Bet 2.0," evidently echoes a like bet fabricated past Wall Street'southward prominent crypto critic Warren Buffett, who in 2008 bet $1 meg that the Southward&P 500 would outperform a group of hedge funds over a ten year period.

If the bet is taken upward, the firm noted the program would be for the winner to donate the gains to charity, besides mimicking Buffett's move upon winning his S&P bet in 2022.

Anthony Pompliano, co-founder and partner at Morgan Creek Digital, told CNBC that the new challenge could illuminate more than just the performance of crypto markets for many people:

"A lot of people might look at this and simply think we're bullish on crypto — but you need to look at what asset we're going up against. Public equities aren't exactly at their all time highs either."

In order to justify his business firm's bet, the investor has as well reportedly pointed to contempo losses suffered by FANG –– a group of high-performing tech stocks in the U.S. market, namely Facebook, Amazon, Netflix and Google. Facebook is currently downward 24 percent percent loss year over yr, as CNBC reports.

Pompliano made a like ascertainment about the performance of traditional stocks in a tweet concluding month, stating that FANG stocks were down 20-40 percent from their best highs, while the Dow Jones Industrial Average (DOW) had its "worst Thanksgiving calendar week since 2022."

Buffett himself has come out multiple times to provocatively criticize cryptocurrency, calling it everything from a "mirage" to "rat poison squared."