AIBC

Alex Petrov

Prior to working with Bitfury, he spent 15 years in the Ministry of interior Affairs of the Republic of Latvia. Other experience includes Secret Regime department officer; NATO summit 2006 & public events security management; Chief of computer crime investigation unit; Police officer, Computer crime investigation; Lecturing for Interpol; Forensics investigations; Lecturer, Risk management, IT Security, Communications; and GE AML & Risk Manager chief.

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The Bitfury Group is the world’s leading emerging technologies company. Founded in 2011, our mission is to make the world more secure and trusted through the use of cutting-edge technologies such as artificial intelligence, blockchain, bitcoin and high-performance computing.

Bitfury is building solutions for the future, with the most significant technologies of the millennium.

Alex Petrov, former CIO at Bitfury, did us the honor of speaking at AIBC Summit this November 2021. During the main stage event for Blockchain & The Economy, Alex discussed the topic 🔹 Facts & Myths of Bitcoin Mining 🔹

The keynote happened right before the fireside chat between Bitcoin legend Michael Saylor and blockchain, investor and entrepreneur Mike Costache.

The conversation was hosted by the bitcoin mining solution GMT on November 17, 2021, as part of the AIBC Summit in Malta.

Saylor’s personal crypto holdings currently amount to 17,732 BTC (worth $1 billion.) Furthermore, his publicly-traded company MicroStrategy was the first to buy bitcoin for its balance sheet less than two years ago. Mike Costache called Saylor a “saviour” for the announcement of that first major purchase of 21,454 bitcoins for $250 million. It was in the middle of the pandemic, and Bitcoin was trading in the low $11,000 range. Currently, MicroStrategy holds 114,042 BTC (worth $6.8 billion.) During the fireside chat, Michael confirmed that more companies are now following his lead and predicted that this trend will continue.

He illustrated his advice by suggesting that the attempts to exploit the crypto volatility should be left to professional traders, “With regard to any dominant network, for example, if you bought Amazon, Apple, Facebook, Google, if you bought bitcoin, the only mistake that you can ever make as an investor is to sell them.

The richest man in the world is still owning the stock that he owned twenty years ago or ten years ago. You don’t get rich by selling or trading. The way you get rich is by predicting the future and then buying the piece of the future and just holding it forever.”

The conversation also touched on the future of crypto in general. Michael named digital energy and digital property as by far the biggest opportunity in crypto and predicted its growth from a trillion dollars on Bitcoin to a hundred trillion dollars, and potentially, five hundred trillion dollars.

However, he also warned against fixating on the revolutionary aspects of crypto preaching, such as replacing governments and existing institutional structures with new crypto-based concepts: “That’s a beautiful dream, but I don’t think it’s going to happen in the next decade, and it might distract you from the evolutionary opportunity.”

While accentuating the evolutionary side of the blockchain potential, Saylor’s view on it is borderline revolutionary when he compares Bitcoin with the invention of electricity. “I look at where we are today, and it’s kind of like 1900 with electricity.

You’ve invented this electricity. You know you can put electricity into houses, and cars, and boats, and appliances. Some people are afraid of it, someone burned their house down with it, someone got shot by it, and the mathematics is kind of complicated. But you know it’s going to change the world. I feel the same way about digital energy. Bitcoin’s digital energy is going to change every government, every company. It’s going to change every family.”