Argo CEO Peter Wall denied in an interview with CNBC that Bitcoin is in the same category as unprofitable tech stocks, SPACs and meme stocks after its poor price performance in recent weeks.
The mining firm’s CEO has openly voiced his support, stating that the asset has always “proved its worth”. Argo CEO stated that he will not gamble against Bitcoin despite the negative trends in the asset class.
“First of all, I never want to race against Bitcoin. He’s been knocked down many times over the years and always bounced back, always proving his worth and importance. It’s been a volatile year, but to quote Michael Saylor, volatility equals vitality.”
He added that it is easy to be disappointed about the future of Bitcoin following the massive rallies of other assets such as SOL, DOGE, SHIB, and even ETH.
These assets gained massive volumes throughout the year, making BTC gains even more worthless. But despite the recent decline, BTC hit an all-time high of $68,789 in November, from around $30,000 at the beginning of the year. ATH was short-lived as the asset fell over 25% after hitting an all-time high.
In addition, Wall added that the arrangement was shaped in the light of his recent meeting with members of the US Congress to discuss the future of the asset class of the important names of the crypto money market.
Perhaps if regulatory clarity is established, cryptocurrency companies will be able to launch a range of crypto investment products for clients, while the SEC may finally approve a Bitcoin ETF.
Profitable Bitcoin Mining
During the interview, Wall stated that despite the drop in Bitcoin prices, Bitcoin mining did not take a big hit. He also noted that the sudden ban on mining activities in China surprised the industry, but the initial shock subsided as miners readjusted to the new reality.
However, he remained optimistic that the hash rate will increase as more players enter the space in 2022 to secure the Bitcoin network.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.