The founder of Bitfury, Val Vavilov, considers the recent fall of the cryptocurrency market as an opportunity to increase his Bitcoin holdings at lower prices.
The 46-year-old Latvian billionaire, who has turned Bitfury into a major player in the industry over 15 years by designing hardware for Bitcoin mining, confirmed that he has been buying Bitcoin during the recent price drop, according to a Bloomberg News report.
"For us, the fall of Bitcoin is an opportunity to rebalance our portfolio and buy a certain amount of Bitcoin at a low price," Vavilov said in his statements via WhatsApp, although he did not disclose the specific amounts acquired.
Bitcoin fell below $67,000 during Asian trading hours on Wednesday, reaching its lowest level since the market sell-off on Friday. The cryptocurrency has dropped more than 50% from its October peak, causing significant losses for retail investors and raising concerns among long-time supporters.
While Michael Burry, known for his successful bet against the U.S. housing market before the financial crisis of 2008, has warned that the fall of Bitcoin could worsen into a "death spiral," some data indicates that large cryptocurrency holders may be buying again.$BTC #CZAMAonBinanceSquare
