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

Morgan Creek operates an index fund known as the Digital asset index fund, in partnership with Bitwise asset Management. The index funds provide high net-worth investors exposure to the top cryptocurrencies by market value.

The cryptocurrency investment firm is asking 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 protege Partners. Buffet concluded up winning the bet before donating his earnings to charity. Likewise, Morgan Creek is asking on any investor who believes the S&P 500 would produce a lot of returns than Morgan Creek’s crypto investments over a ten year period.

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

"This may be a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities,” Pompliano explained to CNBC.

Pompliano took a stab at public equities, highlighting the recent losses in Texas based diamondback Energy, and other investor favorites like Facebook, that is experiencing a 24 % loss year over year.

"A lot of individuals might look at this and simply assume we’re bullish on crypto — but you wish to look at what asset we’re going up against. Public equities aren’t specifically at their all-time highs either,” Pompliano argued.

While Pompliano and his partners at Morgan Creek are funding their wager with personal funds and not cash from the business, the partners are yet to search out somebody to take up the other aspect of the bet.

Last month, Pompliano told CNBC’s squawk box that he believes the value of Bitcoin would level out with an 85 reduction before the worth surges to an all-time high. While investor confidence has been drained off the market, Pompliano sees the recent crash as a correction that's expected for a market that was overvalued in December, last year.

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