Despite Bitcoin Weakness… Bitfury Founder Vavilov Calls It a “Buy-the-Dip Opportunity”

With Bitcoin down more than 50% from its peak in October last year, Val Vavilov, co-founder of cryptocurrency mining company Bitfury, has moved to buy on the dip.

According to Bloomberg on the 11th (local time), Vavilov said the decline in Bitcoin is “an opportunity to rebalance a portfolio and purchase a certain amount at lower prices.” He did not disclose the size of the investment or the amount purchased.

Bitcoin has recently extended its slide, falling below $67,000 in Asian trading. That is the lowest level since last week’s selloff. It is down more than 50% from the peak above $126,000 on Oct. last year. As losses among retail investors deepen, some large holders appear to have returned to buying.

Michael Burry warned that a Bitcoin decline could feed into a self-reinforcing “death spiral,” while Michael Saylor, founder of Strategy, is estimated to have bought more than $7 billion worth of additional Bitcoin since Oct. 10.

Vavilov struck a more cautious tone. “We believe in Bitcoin and its growth potential and hold some assets in Bitcoin, but it is only one component of our overall investment portfolio,” he said.

Vavilov co-founded Bitfury in 2011 and expanded its mining hardware business, and more recently diversified into artificial intelligence (AI) data center infrastructure. He also holds a 12% stake in Nasdaq-listed miner Cipher Mining.

Cipher Mining has expanded its AI infrastructure business by signing a $3 billion, 10-year contract with cloud company Fluidstack, which has received investment from Alphabet, Google’s parent. Thanks to this diversification strategy, Vavilov is seen as maintaining a relatively stable business structure even amid the recent crypto rout.

According to the Bloomberg Billionaires Index, Vavilov’s net worth is estimated at about $1.1 billion.