Over the past few days, Bitcon has witnessed the most dramatic decline since February 2018. However, for Digital Currency Group's co-founder and CEO Barry Silbert, this is an opportunity to “catch the bottom”.
On Thursday morning (March 12), Bitcoin tumbled violently to the surprise of investors. In just one day, BTC lost 29%, down to a one-year low.
This sudden and intense decline has scared many traders. Confidence in the market, which was very fragile when the market continued to decline in the previous days, is now more and more serious. Perhaps it is not soon for investors to stabilize and regain their psychology before they can think of joining the market.
However, Barry Silbert sees this as an opportunity to buy historic bottoms. In a recent tweet, the CEO said that he was buying and also said this is exactly the reason why Bitcoin was originally created.
I'm buying. This is why bitcoin was invented
– Barry Silbert (@barrysilbert) March 12, 2020
“I am buying. This is why Bitcoin was invented. ”
Building cryptocurrency empire
Silbert is arguably one of the richest people in the cryptocurrency world. His net worth is more than 500 million USD. He said that he started buying BTC for the first time in 2012, the first year of the halving event.
In 2015, Silbert won over 48,000 BTC for just under $ 40 million at an auction organized by the U.S. judicial police. Another winner was venture capitalist Tim Draper.
Since then, Silbert has sought to build an increasingly strong cryptocurrency empire and invest in many businesses, including BitPay and Ripple.
It is too early to buy?
Even if Silbert is buying into Bitcoin, this correction is not over. Back in July 2018, he also said that the bottom of the year was at $ 7,380. However, the cryptocurrency dropped to $ 3,200 by December of that year.
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