"Nobody does this. From LA to Vegas I have a 13,000-foot climb - which is [almost] half of Mount Everest - but I wanted a challenge
He told the New York Post that he's plans to spend around US$125,000 on equipment, chase vans and support staff including bike techs, a doctor, two chefs, trainer, masseuse and an assistant.
Win or lose, he'll give US$25,000 to Armstrong's child-cancer charity.
"This is no joke," Bilzerian tells The New York Post. "Nobody does this. From LA to Vegas I have a 13,000-foot climb - which is [almost] half of Mount Everest - but I wanted a challenge."
Bilzerian has a history of accepting and winning crazy bets. He once won a bet US$3,000 that after claiming he could win a round of tennis playing without a racquet and claims to have lost US$2.3 million on a coin toss.
He is also a 16.3 million Instagram followers and has been dubbed the 'Playboy of Instagram' due to posting photos of parties with models.