Although Bitcoin has lost more than 12 percent in value in the last month of 2021 and is still in a downtrend, there are companies that have full faith in the leading asset. Bitfarms is one of the last crypto companies to invest in the coin, although many crypto experts currently estimate BTC investment to be volatile.
Bitfarms’ BTC Bet
The Canadian firm, located in the city of Toronto, announced that it will continue to invest its funds in Bitcoin. Bitfarms currently has 4,300 coins worth approximately $175 million.
According to the crypto company, the team took advantage of the drop to transfer a significant portion of their funds to Bitcoin. In the first week of January 2022, which the firm published on January 10, approximately $43.2 million worth 1,000 units bitcoin announced that he had The CEO of the crypto company explained that this major acquisition is part of their strategy for the possible growth of the firm’s operations.
“Our company strategy is to accumulate Bitcoin in the fastest time at the lowest cost for the benefit of shareholders. For this purpose, we always try to use our capital in the best way possible. While mining hardware prices did not change, we had the opportunity to move our capital with the decline in Bitcoin. We continue to implement our operational growth strategy and target to reach 8 exahash/second by the end of 2022.”
While a few people have given up on Bitcoin after the last bearish streak, companies like Bitfarms may be seeing the downside to the advantage.
Bitcoin is trading at $41,450 today and has lost 13 percent of its value compared to last week. The entire crypto market is suffering from the fall of the leading coin, but this dark picture may soon be over.
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.