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Bitcoin: Top 10 'buy the dip' investors

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·7-min read
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Bitcoin, like other crypto tokens, remained volatile throughout 2021. Photo: Getty

Bitcoin (BTC-USD) has consolidated at approximately $49,000 (£36,480), as other traders liquidate their positions, the following top 10 investors see an opportunity to “buy the dip”.

Bitcoin has fallen by nearly 20% in December and a cloud of uncertainty has fallen upon investors.

Diamond hands are showing cracks and the much-touted crypto-Christmas sell-off looks close to becoming a reality.

However, the following major investors are not falling victim to mass selling pressure and see opportunities when charts turn red.

1. Micheal Saylor

MicroStrategy CEO Michael Saylor. Photo:  Joe Raedle/Getty Images
MicroStrategy CEO Michael Saylor. Photo: Joe Raedle/Getty Images

Saylor is the chief of Microstrategy, which has invested heavily in bitcoin since August 2020. After the crypto flash crash on 5 December, Saylor announced that MicroStrategy had purchased $82.4m worth of bitcoin, amounting to 1,434 bitcoins. This brings the total number of bitcoin held on MicroStrategy's balance sheet to 122,478. On 15 December Saylor posted a Christmas message on Twitter advising; “If you are in need of a holiday gift, bitcoin is on sale.”

2. President Nayib Bukele of El Salvador

Nayib Bukele, president of El Salvador. Photo: Jose Cabezas/Reuters
Nayib Bukele, president of El Salvador. Photo: Jose Cabezas/Reuters

President Bukele was the architect of El Salvador’s bitcoin experiment that went live on 7 September. Immediately after the cryptocurrency was made legal tender in the Central American nation the price of bitcoin crashed. Media naysayers relished the opportunity to criticise Bukele who instead doubled down and kept “buying the dip”. 

Read more: How El Salvador's bitcoin adoption could empty it of its US dollar reserves

Bukele’s dollar-cost averaging with Salvadoran taxpayers' money throughout the leaner weeks in September eventually paid off as the price of bitcoin soon began to increase. Bitcoin then reached a new all-time high of $69,000, driven in no small part by fiat currency inflation. After the early December bitcoin flash crash, Bukele has not changed his approach. To celebrate the hour of 21:00 on 21 December he tweeted that his government had bought 21 bitcoins, saying, “and we are buying 21 bitcoin for the occasion”.

3. Bitcoin pioneer Max Keiser

Max Keiser on stage at the Bitcoin 2021 Convention, on 4 June in Miami, Florida, US. Photo: Joe Raedle/Getty Images
Max Keiser on stage at the Bitcoin 2021 Convention, on 4 June in Miami, Florida, US. Photo: Joe Raedle/Getty Images

Max Keiser remains ever bullish on bitcoin. He told Yahoo Finance: “In 2021 bitcoin outperformed everything again and will continue to do so for the next 100 years. In 2022, bitcoin will dethrone gold and change the world forever.” 

Read more: Bitcoin: 2021 in 12 charts

At the Miami Bitcoin 2021 conference in early June, the vocal proponent of bitcoin met Michael Saylor on stage and shouted his now famous: "We're not selling, f**k Elon", in reference to Musk's tweets that caused a rupture in the crypto-market.

4. Tyler Winklevoss, and twin brother Cameron, reportedly hold about 100,000 bitcoins

Tyler Winklevoss. Photo: Lucas Jackson, Reuters
Tyler Winklevoss. Photo: Lucas Jackson, Reuters

The Winklevoss twins began their investment in bitcoin early in its development. In 2013 the brothers claimed they owned approximately $11m worth of bitcoin through their company, Winklevoss Capital. The brothers have been buying bitcoin since 2013 and reportedly own 1% of bitcoin in circulation. 

Winklevoss has recently given advice to those forecasting a prolonged fall and considering shorting bitcoin. He recently tweeted: “Bitcoin has now ‘died’ more than 435 times, thoughts and prayers to all of the shorts out there. It must have been a tough road these last 10 years. The next 10 years won't be any easier. Just a hint.”

Watch: 'The value of bitcoin is probably zero' 

5. Barry Silbert owner of the Grayscale Bitcoin Trust

Bitcoin investor Barry Silbert. Photo: Lucas Jackson/Reuters
Bitcoin investor Barry Silbert. Photo: Lucas Jackson/Reuters

Silbert is the founder of the Digital Currency Group which manages the Grayscale Bitcoin Trust. The company has invested in more than 165 blockchain and cryptocurrency-related companies. Grayscale holds 654,600 bitcoin on behalf of institutional investors. In late November, investment bank Morgan Stanley bought the dip to top up their total of 6.5 million of Grayscale's bitcoin shares, now worth over $300m.

6. Elon Musk

Tesla CEO Elon Musk
Tesla CEO Elon Musk. Photo: Patrick Pleul/Pool via Reuters

Musk caused cryptocurrency markets to crash when he tweeted that he had fallen out of love with bitcoin on 4 June. He had put a broken heart emoji next to “bitcoin”. However, Tesla has reportedly purchased $1.5bn in bitcoin in 2021. 

Read more: Elon Musk: Tesla founder's top tweets of 2021 that moved markets and crypto

In late October, Musk reaffirmed his conviction in bitcoin when he tweeted: “Out of curiosity, I acquired some ascii hash strings called “Bitcoin, ethereum & doge”. That’s it.”

7. Paul Tudor Jones

Paul Tudor Jones, founder and chief investment officer of Tudor Investment Corporation. Photo: Eduardo Munoz/Reuters
Paul Tudor Jones, founder and chief investment officer of Tudor Investment Corporation. Photo: Eduardo Munoz/Reuters

Hedge fund manager Paul Tudor Jones has highlighted that bitcoin is undervalued. He bought bitcoin in 2020 and throughout 2021. In 2020 he was one of the only hedge fund managers to hold a bullish sentiment towards bitcoin. In mid-2020 he claimed bitcoin was undervalued. At the time he bought bitcoin as a hedge against inflation. He has added to his crypto position, and in October told CNBC: “Clearly, there’s a place for crypto, clearly, it’s winning the race against gold at the moment.”

8. Michael Novogratz founder Galaxy Digital Holdings

Michael Novogratz, president of Fortress Investment Group. Photo: Rick Wilking
Michael Novogratz, president of Fortress Investment Group. Photo: Rick Wilking

In September when bitcoin was in bearish momentum, Novogratz spoke to CNBC to say that he was not worried about market sell-offs and that red chart signs were a "buy-the-dip" opportunity.

Read more: Do bitcoin charts foretell an impending crash in 2022?

9. Cathie Wood US investor and CEO of Ark Invest

Cathie Wood, founder and CEO of ARK Investment Management LLC. Photo: Brendan McDermid/Reuters
Cathie Wood, founder and CEO of ARK Investment Management LLC. Photo: Brendan McDermid/Reuters

Wood’s investment company has been buying into the tech-driven bull market since 2014. In September, Ark Next Generation Internet exchange-traded fund (ARKW) added bitcoin to its prospectus for clients, via Canadian ETFs. Several bitcoin ETFs have been launched in Canada throughout 2021. Speaking to Yahoo Finance in October she said: "Bitcoin is a new global monetary system. It is a rules-based monetary policy. It is completely decentralised it is a hedge against the whims of policymakers."

Read more: Philip Hammond: Big finance's move into crypto is unstoppable

10. Jack Dorsey

Twitter CEO Jack Dorsey. Photo: US House of Representatives Energy and Commerce Committee/Handout via Reuters
Twitter CEO Jack Dorsey. Photo: US House of Representatives Energy and Commerce Committee/Handout via Reuters

Recently Twitter’s (TWTR) Jack Dorsey posted an image on Twitter warning the profits and power promised in the Web 3.0 revolution could be funnelled into the hands of Silicon Valley venture capitalists. In the image that was posted a water pipe feeding profits into the mouths of greedy venture capitalists had an ethereum logo on it. 

Read more: Blockchain: Exploring the building blocks of Web 3.0

This began a Twitter row where the outspoken bitcoin maximalist was forced to defend his vilification of ethereum (ETH-USD). On 23 December Dorsey tweeted: “I’m not anti ETH. I’m anti-centralized, VC-owned, a single point of failure, and corporate-controlled lies. If your goal is anti-establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.” 

Dorsey later showed his backing for bitcoin by claiming it will eventually replace the US dollar. Singer Cardi B asked him earlier this week if bitcoin would ever replace the dollar, he answered, "yes, it will".

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