After Bitcoin suffered its most painful drop since February 2018 just 60 days before the halving, its future remains uncertain.
However, Barry Silbert, the founder of Digital Currency Group, saw this as an opportunity to buy the historic dip. The 'crypto king' tweeted that this is exactly why Bitcoin was invented in the first place.
I'm buying. This is why bitcoin was invented— Barry Silbert (@barrysilbert) March 12, 2020
Building a crypto empire
Silbert is considered to be one of the wealthiest people in the crypto space with his net worth surpassing $500 mln. He claimed that he had bought BTC for the first time in 2012, the year when the very first halving happened.
Back in 2015, he won more than 48,000 BTC related to Silk Road at the auction held by the US Marshals Service. The other winner was venture capitalist Tim Draper.
Since then, Silbert has managed to build a full-fledged cryptocurrency empire and invested in countless businesses, including BitPay and Ripple.
A premature call?
The fact that Silbert is buying Bitcoin doesn't necessarily mean that this correction is over. Back in July 2018, he called the bottom of the year at $7,380. However, the cryptocurrency later plunged to as low as $3,200 in December.
More buying interest
Still, a lot of retail investors are using today's 25 percent rout as an opportunity to stack more sats. According to Google Trends data, searches for the term 'buy Bitcoin' have spiked significantly worldwide after today's carnage.