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Tone Vays makes $250,000 bet that Bitcoin will drop below $2,000 before 2024 halving

Tone Vays has put his money where his mouth is as he looks for takers of a $250,000 bet that Bitcoin will dip below the $2,000 mark before the 2024 halving.

The settlement of the bet will be in the form of 100 BTC that will be locked in escrow and paid out to Vays if the price drops below $2,000 at any point from the start of the bet until the halving five years from now (approximately).

When Vays was challenged about not having $250,000 to pay the potential winner by the 2024 halving, he answered: “That might be true, but I will by 2024 halving :)… I can also sell my NYC apartment that just sits empty since I am no longer there.”

Tone did not approve of Leah Wald’s recent bet to win one Bitcoin for herself and Lucid Invemsnets. He said, “It’s the same bet Doug Polk was offering me and I changed it to $10k. You can make it 5k if you like. But it’s a rip off for you. If you win you only win 1.5k, but if you lose you lose 6.5k. denominate the bet in USD!”

Already $10,000 up

Vays also recently won a $10,000 bet with Doug Polk that Bitcoin would drop below $6,000 before the end of 2019. Polk’s followers believed that he would win at the time (the bet was placed in May 2018, when the price of BTC was $9,400), but he soon lost that bet just a month and a half later.

However, the derivatives trader has upped the stakes quite considerably for his latest bet. Based on Vays’ 0.1 BTC priced “trading courses”, the sum of 100 BTC could represent a huge windfall for one of the oldest Bitcoin maximalists in the space.

Bet accepted?

One person has seemingly already taken Vays up on his bet. Twitter user @Spongecoinbob accepted the terms, and Vays was quick to reply to let him know about the “escrow” requirements for the 100 BTC “lock up”.

However, the profile has no links and has only amassed 214 followers since the account’s creation in June 2014, so the legitimacy of the deal is questionable.

Vays is just about to catch a 17-hour flight, so we will have to wait and see which “crypto influencers” out there want to take him up on his bet.

Nawaz Sulemanji

Nawaz has been hooked on crypto since buying his first Bitcoin’s in 2013. After studying maths in London, Nawaz initially spent the first eight years of his career working globally across corporate supply chain’s before transitioning into the decentralised finance industry as a margin-trader and consultant. He’s a fan of open-blockchains because “it enables self-sovereignty”.