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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 claimed 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.” 

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

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

Aksakov also stated 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 added. 

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

Aksakov is one of the biggest Bitcoin critics in 2020. He is sure that Bitcoin “has no future” and that crypto payments would destroy the global financial system.

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