Scott Weiss, a 48-year-old lawyer who bought bitcoin at its peak of $19,000 in December last year, claims he is unfazed by the recent turbulence the cryptocurrency faced in the last two months.
He said: “I feel the exact same about my crypto investments at a $20k price as I did about it at a $6,500 price.
“I am a long-term holder and believe bitcoin will survive this turbulence.”
The digital currency began to decline at the beginning of this year and earlier this month the digital currency plummeted to $6,914.26.
Bitcoin is currently valued at $10,137.71, according to Coindesk, which is still a far cry from its peak of $19,343.04 in December 2017.
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However, Mr Weiss remains hopeful the cryptocurrency’s value will continue to rise.
Mr Weiss told the Financial Times: “This recent rise in price is validating for sure.
“I am confident it will continue although with intermittent crashes along the way.”
Mr Weiss believes the blockchain, which is the distributed ledger technology underlying bitcoin, represents an important innovation.
Luigi Zingales, a finance professor at Chicago Booth School of Business, cautioned that in a very small market prices can significantly change.
Mr Zingales said: “There is by definition very little transparency in this market and a very small volume can change and affect the prices.”
The news comes as celebrity endorsements of cryptocurrencies has come under scrutiny from experts.
The US Securities and Exchange Commission announced last month that it was taking legal action against a crypto platform which has been accused of an “outright scam”.