Options trade reveals roughly $1 million spent in anticipation of Bitcoin’s price being $50,000 by the end of 2018.

At least one Bitcoin trader has put his or her money where their mouth is in letting us know where they think Bitcoin’s price is headed.

Through their purchase of call options contracts Wednesday, we see that they think Bitcoin’s price will be $50,000 by the end of 2018. The person, or persons, bought 275 calls to be exact.

Options allow people to gain exposure to securities for a fraction of the going price for that particular security. If the trader thinks the price will rise, they buy calls. In this case, the buyer spent about $3,600 to buy the Bitcoin call contracts. The options expire Dec. 28, 2018. The trader has the option, or right, but not obligation, to buy Bitcoin at $50,000 in the next 12 months.

By buying the calls, this trader will have the chance to make significant gains over the course of next year if Bitcoin’s price trades higher than $50,000. On that same note, if Bitcoin’s price falls, the trader (or traders) stands to lose everything.

Observers point out that by buying in at the roughly $3,600 volume-weighted average price, the contracts cost about $1 million. Using the logic that Bitcoin’s price will be at least $50,000 by the end of next year, the trader, or traders, see the crypto moving almost 350% higher from $14,300, which was Bitcoin’s price at the time of writing Friday afternoon.

The trade showed up on the LedgerX institutional trading and clearing platform. The platform was established to trade and clear swaps and options on digital currencies. It launched Bitcoin options trading for institutional clients in October.

CME, Cboe and options

Earlier this month the CME Group Inc. and CBOE launched futures contracts for Bitcoin. CME, the world’s largest derivatives exchange operator, is not listing options, but notes on its site that it will reassess once the futures market develops and as customer demand evolves.

Cboe states the same.