Huge Bitcoin Deal Declined

Note from the CEO:  Whoa, this could be a first.  I may be wrong (I do remember being wrong once……1981 I believe) but this could be a ‘quasi’  takeover of a bitcoin mining firm. New doors are opening in the bitcoin world. How can I get “size” in acquiring bitcoin? But the whole firm. Cool.

Bitfury, which is a major blockchain technology and bitcoin mining firm, supposedly received bids from investors to buy the firm and all their bitcoins. The author reports offers of up to $43M by AUM funds (never heard that before and I assume he meant hedge funds, fund of funds, etc) but turned them down. Interesting read and may explain part of the strong demand bitcoin is seeing.

Bitfury, which is a major blockchain technology and bitcoin mining firm, supposedly received bids from investors to buy the firm and all their bitcoins. The author reports offers of up to $43M by AUM funds (never heard that before and I assume he meant hedge funds, fund of funds, etc) but turned them down. Interesting read and may explain part of the strong demand bitcoin is seeing.

“Major bitcoin mining and blockchain technology firm Bitfury reportedly received bids from various investors and assets under management (AUM) funds over the past week as bitcoin price surged past US$800. In response, Bitfury Vice Chairman George Kikvadze firmly declined their offers, stating that the company isn’t and will not be interested in selling their bitcoin in the future.

On social media, Kikvadze revealed that the Bitfury group received offers from large-scale and high profile investors as the bitcoin price surpassed the $800 margin. Many analysts and experts including Civic CEO and angel investor Vinny Lingham predicted bitcoin price to go straight to $900 once it hits $800. Such predictions and the rapidly rising demand for bitcoin in countries like China pushed conventional investors to purchase bitcoin.

Bids From $25 to 43 Million Declined

Within 24 hours since bitcoin hit the $800 mark, Kikvadze and the rest of the Bitfury group received bids to buy 30,000 to 50,000 bitcoins by AUM funds and high profile investors. As of today, 50,000 bitcoins are equivalent to $43 million.

Several bitcoin communities suggested that AUM funds and other investors must purchase funds at exchanges instead of attempting to secure affordable direct deals with miners. A large number of users used the term “the real public market” in referring to the bitcoin exchange market and regulated trading platforms….”

Read Full Story at Bicoin.xyz