Bitfury founder Val Vavilov sees the recent decline in the cryptocurrency market as an opportunity to buy Bitcoin at lower prices.

According to Bloomberg News, the 46-year-old Latvian billionaire, who has made Bitfury a major player in the industry by designing Bitcoin mining hardware for 15 years, confirmed that he bought Bitcoin during the recent price dip.

Vavilov stated via WhatsApp: "For us, the decline in Bitcoin is an opportunity to rebalance our portfolio and buy a certain amount of Bitcoin at a low price." However, he did not disclose the amounts purchased.

Bitcoin fell below $67,000 during Asian 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. This has caused significant losses for retail investors and raised concerns among long-term supporters.

Michael Burry, known for his successful bet against the US housing market before the 2008 financial crisis, warned that Bitcoin’s decline could turn into a "death spiral." However, some data suggest that large crypto holders may be re-entering the market.

Compared to other crypto executives who remain strongly optimistic during downturns, Vavilov adopts a more balanced approach to market volatility.

Vavilov explained: "We believe in Bitcoin and its growth, and we hold some of our assets in Bitcoin. But this is just one component of our investment portfolio." He also noted that his company has diversified into artificial intelligence and other sectors in recent years.

Other industry figures like Michael Saylor of MicroStrategy have taken a more aggressive stance during downturns. According to company data, Saylor’s firm has purchased over $7 billion worth of Bitcoin since the crash on October 10.