The bearish trend has yet to loosen its grip on global leader cryptocurrency, Bitcoin. Its highest value this week brought Bitcoin trading to $6,810 on July 7 but has since fallen to $6,214 as of this writing.

Coin IRA CEO Trevor Gerszt said that Bitcoin is experiencing the same negative trend that affected gold at one point. He explains that Bitcoin accounts as a small factor in most portfolios, which is why it’s among the first assets that are liquidated when marginal investors need cash, Forbes reported.

"We're seeing a decline in Bitcoin trading from China due to the government's crackdown, and a decline in trading due to less-serious investors leaving the market. And so the combination of these factors is putting downward pressure on Bitcoin prices,” Gerszt added.

Another reason for Bitcoin’s value decline is the ever growing belief that the cryptocurrency is being manipulated by unknown entities. Ripple CEO Brad Garlinghouse said last month that China actually controls more than 50 percent of Bitcoin’s hash rate.

While this accusation has yet to be proven, it isn’t completely unfounded. Indeed, Bitmain – a Beijing-based crypto mining hardware company – accounts 47.2 percent of Bitcoin’s mining capacity. If that figure goes beyond 50 percent, the firm can potentially manipulate the Bitcoin network as it sees fit.

Despite both of these factors, however, crypto bulls are still adamant that Bitcoin will again skyrocket in value. One particular bull has reportedly bet $8.5 million AUD that Bitcoin’s value will exceed a Berkshire Hathaway share, which is at $280,000.

This means that by 2023, the bull is predicting that one Bitcoin will be worth more than $280,000. The investor apparently challenged Berkshire Hathaway that his $8.5 million AUD will win $1.2 billion if the prediction holds true.

Tom Waterhouse, CEO of William Hill Australia, announced the challenge on Twitter saying that he has put the investor in touch with the syndicate. Whether Berkshire Hathaway has agreed to the wager remains unknown.