A trader just made a million dollar bet that Bitcoin would be over $50k by the end of 2018

A large trader (or traders) just plopped down a
million dollars betting that Bitcoin would hit $
50k sometime in 2018.
As was reported first by the Wall Street Journal,
someone just bet that bitcoin will hit $50k at
some point in 2018 in the futures markets.
Well it doesn't technically have to hit $50k for
the bet to be profitable, but it does have to go
quite a bit higher than current levels for the
trade to be profitable.
Given that context, and the amount of money
risked, it's a bet to take note of for sure.

Some specifics...
The bet was made on the trading platform
LedgerX. Where 275 call options that expire Dec.
28, 2018 were bought.
The price per contract was roughly $3,600 per,
which equates to just under a million dollars
spent on the bet.
At the time of the bet, bitcoin was trading for
roughly $16,700. Currently bitcoin is trading
around $15,200.
Buyer's remorse?
Given that price decline, I assume the trader
wishes he would have waited one more day to
put this trade on. :)
However, if bitcoin is indeed heading north of $
50k next year, buying at $16,700 or $15,200
doesn't make all that much difference in the
grand scheme of things.
Therefore, it's way too early to be talking about
buyer's remorse.
A little about LedgerX...
LedgerX is a New York based start up that was
the first to officially launch Futures and Options
products, back in October of this year.
The difference was that their products were
exclusively available to institutional clients while
the CBOE and CME newly launched options and
futures contracts opened the doors for retail
traders to enter the space.
Given that information, and the size of the bet, it
is probably safe to assume that this bet was
made with institutional money.