{"id":155229,"date":"2021-01-15T11:42:34","date_gmt":"2021-01-15T08:42:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bubble-will-pop-sooner-or-later-says-famous-russian-btc-critic\/"},"modified":"2021-01-15T11:42:34","modified_gmt":"2021-01-15T08:42:34","slug":"bitcoin-bubble-will-pop-sooner-or-later-says-famous-russian-btc-critic","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bubble-will-pop-sooner-or-later-says-famous-russian-btc-critic\/","title":{"rendered":"# Bitcoin bubble will pop sooner or later, says famous Russian BTC critic"},"content":{"rendered":"

“# Bitcoin bubble will pop sooner or later, says famous Russian BTC critic <\/strong>”
\n<\/p>\n

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.<\/p>\n

In an\u00a0interview<\/a> with local news<\/a> agency TASS, Aksakov argued that Bitcoin is not backed by anything and thus the Bitcoin bubble is poised to burst sooner or later:<\/p>\n

\u201cBitcoin 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.\u201d<\/p><\/blockquote>\n

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.\u00a0<\/p>\n

Aksakov stated, \u201cIt is necessary to cut off all channels for using Bitcoin to finance drug trafficking, terrorist operations, money laundering, corruption schemes, and so on.\u201d\u00a0<\/p>\n

Aksakov also noted that Bitcoin is \u201cthe mother of blockchain.\u201d \u201cBlockchain technology<\/a> has existed for a long time, but thanks to Bitcoin it became popular and is now widely used,\u201d he said.\u00a0<\/p>\n

Aksakov is not alone in maintaining that Bitcoin is a bubble. Michael Hartnett, chief investment strategist at Bank of America Securities,\u00a0argued<\/a> that Bitcoin looks like \u201cthe mother of all bubbles\u201d in early January 2021.<\/p>\n

As previously reported by Cointelegraph, Aksakov emerged as one of the biggest Bitcoin critics in 2020. He is confident that Bitcoin \u201chas no future\u201d and that crypto payments would destroy the global financial system.<\/p>\n

Following Bitcoin\u2019s massive rally driving its price to as high as $42,000 in January, a number of global authorities have expressed criticism of the world\u2019s largest cryptocurrency. European Central Bank President Christine Lagarde argued on Jan. 13 that Bitcoin is a \u201chighly speculative asset\u201d and a \u201cfunny business\u201d contributing to money laundering.<\/p>\n