$20,000 charity bet by Civic CEO says no Bitcoin recovery in 2019

Vinny Lingham has put his money where his bearish mouth is, with $20,000 saying the Bitcoin slump won’t end next year.

Plenty of stories, not all positive, have emerged from Las Vegas’ World Crypto Con in the past few days. One of the more interesting ones – if you find friendly gambling interesting – is the story of how Vinny Lingham, CEO of crypto project Civic, ended up betting $20,000 that the bitcoin bear market would persist through 2019.

While sitting on a Bad Crypto Podcast panel alongside Standpoint Research’s Ronnie Moas, Maxine Ryan of Bitspark, and Litecoin’s Charlie Lee, Lingham got embroiled in a bit of banter with Moas regarding where the price of Bitcoin would end up during 2019. Convinced that the Standpoint man’s $28,000 prediction was way too optimistic, the Civic CEO decided to put some money where his bearish mouth was, in the form of a charity bet.

Should Moas be proved correct, and bitcoin hit $28,000 on a reputable exchange next year, Lingham has pledged to donate $20,000 to the Free Ross fund, a campaign dedicated to exploring legal avenues towards gaining an earlier release for convicted Silk Road main-man Ross Ulbricht. If Lingham’s scepticism be well-founded, an bitcoin fail to his that price point, it will be Moas’ task to make the donation.

You can see the bet being made in this video… and flick back to hear the run-up discussion.

Moas seemed pleased to take the bet. And appears happy that his prediction for next year – and $50,000 for 2020, with a target of 100,000 by the next halving “in 2023 0r 2024” – is sound.

In fact, answering critics of his prediction he said that the usual recovery cycle for a market after a bubble will be dodged by crypto because of a “watershed moment”.

For his part, Lingham told the panel and vociferous crowd that he thinks the current crypto market is suffering through a “long and cold winter,” and, because of the big highs of late 2017, “the bigger the party, the bigger the hangover.”

In fact, according to the Civic man – backing up similar sentiment we’ve heard from other analysts – where the market is now “isn’t even winter… it’s fall.”