Val Vavilov, the 46-year-old Latvian entrepreneur who spent 15 years building Bitfury into a notable Bitcoin mining-hardware firm, said he has been adding to his Bitcoin position amid the recent market downturn. In comments shared via WhatsApp, Vavilov described the recent price fall as an occasion to rebalance and acquire "a certain amount of Bitcoin at a low price," though he did not disclose the sizes of any purchases.
Bitcoin slipped below $67,000 during Wednesday's Asian trading session, reprising levels not seen since the selloff that began the prior Friday. The cryptocurrency has now retreated more than 50% from its October high, a contraction that has inflicted substantial losses on retail holders and raised alarms among some long-standing supporters.
Vavilov framed his approach as measured. "We believe in Bitcoin and its growth, and we hold some of our assets in Bitcoin, but it is only one component of our investment portfolio," he said, noting Bitfury's strategic expansion into artificial intelligence and other sectors in recent years. That statement underscores a portfolio-level perspective in which crypto exposure is balanced with investments outside the cryptocurrency ecosystem.
The market reaction to the pullback has been mixed. Some prominent voices have warned of sharper downside: Michael Burry has said the slide could deepen into a "death spiral". At the same time, corporate buyers such as MicroStrategy have taken a more aggressive tack; company disclosures indicate MicroStrategy has acquired more than $7 billion of Bitcoin since the October 10 downturn.
Vavilov's comments suggest a middle path between aggressive accumulation and outright retreat. He acknowledged Bitcoin as part of his and his firm's assets, but emphasized diversification rather than concentrated exposure. The limited detail on purchase amounts leaves open the scale of the firm’s additional Bitcoin holdings.
Context for markets and investors
- Cryptocurrency markets remain highly volatile, with price swings large enough to affect retail investor portfolios materially.
- Corporate strategies vary: some firms are increasing exposure while others emphasize diversification across technology sectors such as artificial intelligence.