Frank Timis, Romanian-Australian businessman who resides in London is 56 years old and has now made a part owner of one crypto mining company named Argo Mining. He is said to be the 9th richest Romanian. He said to have a great deal of interest in oil and gold mining. The cryptocurrency market is attracting many people during its bearish trend too. Businesspeople, investors, and traders across the world are finding ways of leveraging this market.
Argo Mining announced that it would be changing its business pattern this year. The rising cost of maintaining the business and the present bear crypto market has affected the company to a great extent and has proved that the earlier business model is not as profitable as it should have. Frank Timiș holds a 14% stake in Argo Mining, and he and his company is now looking forward to making use of cryptocurrency and the disruptive crypto power for the time being.
If the last year was inviting enough for business and tycoon (in terms of crypto space), 2019 seemed to be a more significant year where institutional investors and companies are trying to compete with each other to disrupt themselves before letting themselves be disrupted first. Frank Timiș is an experienced player who has seen success and earned enough experience. This is not the first time he is venturing. In the 90s, he used to own one gold mining company named Gabriel Resource through which he earned $3 million loans from the popular Rothschild Bank of the US. He had found gold reserves in Australia for which he got the funds.
Bitcoin is apparently considered as a substitute for gold, and bitcoin’s dependence on power (electricity) to run the functions increases its danger to the petroleum economy. Now, most of the petroleum giants want to control this industry too so that their power or position in the world economy does not get wounded. However, most probably, they are not paying attention to the fact that this new-gen technology is a different game than the traditional assets/resources.
The danger of institutional adoption is true in case of those who might stay shackled by the control and corruption of the financial institutions. However, no matter what happens, bitcoin’s design will remain as upright and open as ever. It doesn’t make a difference what a number of individuals use it or how they use it.