Crypto Billionaire Speaks About the Latest Bitcoin Drop – “We Bought the Dip”

Val Vavilov, an early figure in the cryptocurrency sector, stated that they view the recent sharp drop in Bitcoin as a buying opportunity.

The Latvian billionaire, who founded Bitfury 15 years ago and made it one of the largest companies in the sector, stated that they bought Bitcoin at low levels in order to rebalance their portfolios.

In a statement made via WhatsApp, Vavilov said, “The drop in Bitcoin is an opportunity for us to rebalance our portfolio and buy a certain amount of Bitcoin at a low price.” However, he did not share details about how much they invested.

Last week’s sharp sell-off in the crypto market pulled Bitcoin down more than 50% from its October peak. Falling below $67,000 today, Bitcoin has reached its lowest levels in recent weeks following the intense selling pressure.

Investor Michael Burry, known for predicting the 2008 financial crisis, warned that the decline in Bitcoin could turn into a self-reinforcing death spiral.

Among those who have maintained their optimism during periods of decline in the crypto world is Michael Saylor. Saylor’s company, Strategy, has purchased more than $7 billion worth of Bitcoin since the October 10th crash.

Vavilov, however, takes a more balanced approach. “We believe in Bitcoin and its growth, and we hold a portion of our assets in Bitcoin, but this is only one component of our investment portfolio,” he said, noting that his company has long diversified into artificial intelligence and other areas.

Founded in 2011, Bitfury operates as a privately held company providing hardware and technology for cryptocurrency mining. Vavilov also holds a 12% stake in Cipher Mining, which spun off from Bitfury in 2021 and went public on Nasdaq.

*This is not investment advice.