Bitcoin (CRYPTO: BTC) is an asset that has a fixed width and deflationary properties, so it makes sense to be long, Bit digital ink (NASDAQ: BTBT) CEO Brian Bullitt Tuesday in an exclusive interview with the Benzinga Ideas business program “Energy Hour”.
Why invest in bitcoin mining? Bit Digital is in the bitcoin mining business. Its mining platform operates with the primary objective of accumulating Bitcoin, which the company may sell from time to time to fund its operating expenses.
Bit Digital CEO told Benzinga that the mining business provides significant operational leverage.
“When you invest in mining stocks, you basically get a share of the ability to generate Bitcoin at a cost that is likely to be a fraction of the value of Bitcoin.”
Margins in the mining business often range from 75% to 85%. Bullet said that mining stocks create an opportunity for investors to invest in Bitcoin on a much lower cost basis than if they were to buy the asset itself.
He said that Bit Digital has an investment strategy that differentiates it from other bitcoin mining companies and allows the company to achieve higher returns on invested capital.
SEE ALSO: Cathy Wood Repeats 5-Year Bitcoin Price Target, Says She’s Watching Ethereum Amid Rising DeFi, NFT Spaces
What about regulations? Polit said that as more countries start adopting bitcoin and other cryptocurrencies as part of their economies, it will become very difficult to regulate cryptocurrencies out of existence.
He added that regulations in the cryptocurrency industry are justified as long as they are enacted in a way that allows innovation to continue across the space.
Watch the full interview here:
BTBT price movement: Bit Digital traded as high as $33 and $3.40 over a 52-week period.
The stock closed down 4.13% at $9.97 on Tuesday.
Photo: Evind Pedersen from Pixabay.
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