Russian economist A. Aksakov called Bitcoin a bubble that would burst over time

Russian economist A. Aksakov called Bitcoin a bubble that would burst over time

Russia’s head of the State Duma’s financial market committee called Bitcoin a bubble in a recent interview.


15 Jan 2021 , 20:07 @ Thomas Alford

Russian economist A. Aksakov called Bitcoin a bubble that would burst over time

Russia’s head of the State Duma’s financial market committee called Bitcoin a bubble in a recent interview.
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TASS conducted an interview on digital currencies today with Anatoly Aksakov, a renowned economist and head of the State Duma Financial Market Committee of Russia.

Despite the fact that A. Aksakov only recently declared that the digital ruble is one of the future forms of the ruble against Bitcoin itself is skeptical.

Although Aksakov first pointed out that Bitcoin is the mother of blockchain and it is thanks to it that the technology has gained great popularity and is widely used.

He immediately criticized Bitcoin as the currency, because its value is determined by people’s trust, and it is in this context that Aksakov says “Bitcoin is the basis of one of the bubbles in the crypto market, and I think sooner or later this bubble must burst.”

A. Aksakov also added:

I think bitcoin should be regulated. Maybe it should be banned as a means of payment.

Finally, the Russian economist recalled that a new law on digital financial assets is already in place in the country, which prohibits the use of cryptocurrencies as a means of payment, and all cryptocurrency owners must declare income from which they must pay taxes.

Read also: HSBC, the largest bank in Europe, blocks crypto payments

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