Bitcoin bubble will pop sooner or later, says famous Russian BTC critic

Bitcoin bubble will pop sooner or later, says famous Russian BTC critic

Anatoly Aksakov, a member of the Russian State Duma, has reiterated his negative stance on Bitcoin (BTC) shortly after the cryptocurrency briefly retouched $40,000 on Jan. 14.

In an interview with local news agency TASS, Aksakov argued that Bitcoin is not backed by anything and thus the Bitcoin bubble is poised to burst sooner or later:

“Bitcoin is not backed by anything as a cryptocurrency. This is a private currency, and its value is based on trust of the related data system. In this context Bitcoin provides a basis for a bubble on the crypto market, and I think this bubble should burst sooner or later.”

Aksakov also urged for strict regulations on Bitcoin, hinting that global jurisdictions should probably ban it as a payment method. Russia has already banned crypto-powered payments effective from Jan. 1, 2021. 

Aksakov stated, “It is necessary to cut off all channels for using Bitcoin to finance drug trafficking, terrorist operations, money laundering, corruption schemes, and so on.” 

Aksakov also noted that Bitcoin is “the mother of blockchain.” “Blockchain technology has existed for a long time, but thanks to Bitcoin it became popular and is now widely used,” he said. 

Aksakov is not alone in maintaining that Bitcoin is a bubble. Michael Hartnett, chief investment strategist at Bank of America Securities, argued that Bitcoin looks like “the mother of all bubbles” in early January 2021.

As previously reported by Cointelegraph, Aksakov emerged as one of the biggest Bitcoin critics in 2020. He is confident that Bitcoin “has no future” and that crypto payments would destroy the global financial system.

Title: Bitcoin bubble will pop sooner or later, says famous Russian BTC critic
Sourced From: cointelegraph.com/news/bitcoin-bubble-will-pop-sooner-or-later-says-famous-russian-btc-critic
Published Date: Fri, 15 Jan 2021 08:42:34 +0000

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Wayne Roberts

Wayne Roberts – Business News   I am Wayne Roberts, I have done my bachelor’s in English literature, and further on I did my master’s in business. My most preferred genre of writing is business and finance. I have been writing from the past 5 years about articles, web content, and blogs. In my career and education, I like to play along with work. I have also been a teacher in the past for 4 years. I use to teach business and technical writing in a very famous university. However, most recently I am working as an instructor, designer, and training writer. I enjoy socializing a lot. I am a very big extrovert when it comes to my nature. A part of all this I enjoy exploring the world and traveling make me happy.

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