For traditional investors, Bitcoin and the related cryptocurrency market has not fully been taken seriously as an option to diversify with. However, the CEO of Morgan Creek Capital says he believes Bitcoin will continue to far outperform the S&P 500 for the rest of the year and beyond.

In fact, Mark Yusko, has put a $1 million bet on this fact, putting his money where his mouth is – the only issue is that no one has taken him up on this bet.

“I was lucky. I happened to be on Melissa’s afternoon show back in December, the week Bitcoin was at $3,150 and she said, ‘What do you think’? I said look, we’ve issued the Morgan Creek Digital crypto challenge. We will take Bitcoin over the next 10 years starting on January 1st, and we’ll take anybody who wants to take the other side – a million dollar charity bet. Just like the Buffett-style bet. We’ve got no takers,” he told CNBC’s Fast Money.

Within the decade long bet, less than a year in, Bitcoin has taken an early lead as it is has grown by over 100% in this year alone, off the back of a bear market while the S&P is only up 14 percent.

“I think going forward from here, even over the next 10 years, it’s not going to be close. Bitcoin is a great diversifying asset. It has very low correlation. It should be on everybody’s portfolio,” added Yusko.

Betting on the long run

It is key that Yusko has made this a decade long bet as although Bitcoin is extremely high risk, the sentiment is starting to change that this asset will firstly, be around for a long time, and secondly, continue growing.

The S&P is supposed to be a good investment as it it a steady gainer, but there is no little doubting that Bitcoin cannot at least add to a diversified portfolio, as Yusko explained. With that in mind, and the fact that Bitcoin is prone to bouts of big volatility – both up and down – it is not inconceivable that it can outperform the S&P over 10 years.

Building on institutionalised foundations

Bitcoin is also recovering from a bubble that was based on pure speculation and FOMO when it rose to $20,000 and then fell back down towards $3,000. However, this time around, the bullish tendencies that are starting to show through have a foundation of institutionalised interest.

Banks, governments, and major companies are looking at blockchain especially, and at the same time, are looking at the power and potential of a decentralised digital currency. Bitcoin, as the leader of these currencies in terms of age, distribution and effectiveness is highly likely to be at the forefront of this ecosystem’s growth over the next 10 years.