Russian State Duma Deputy Anatoly Aksakov confirmed his negative stance on bitcoin (BTC) shortly after the cryptocurrency rate was lowered to $ 40,000 on January 14.

In an interview with the local TASS news agency, Aksakov stated that Bitcoin is not backed by anything, so the Bitcoin bubble is ready to burst sooner or later:

“Bitcoin is not supported by anything like cryptocurrency. It is a private currency and its value is based on the trust of the respective computer system. In this context, Bitcoin provides the basis for a bubble in the cryptocurrency market, and I think that this bubble must burst sooner or later. ”
Aksakoff also called for strict rules on bitcoin, indicating that it is likely to be banned by global jurisdictions as a payment method. Russia has already banned payments in cryptocurrency from January 1, 2021.

“It is necessary to cut off all channels for using bitcoins to finance drug trafficking, terrorist operations, money laundering, corruption, etc.,” Aksakov said.

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

Aksakov is not the only one who confirms that Bitcoin is a bubble. Michael Hartnett, chief investment officer at Bank of America Securities, said that Bitcoin looked like the “mother of all bubbles” in early January 2021.

As Cointelegraph previously reported, Aksakoff turned out to be one of the biggest critics of Bitcoin in 2020. He is confident that Bitcoin “has no future” and that digital currencies will destroy the global financial system.

After a massive surge in Bitcoin pushed the price up to $ 42,000 in January, a number of world governments have expressed their criticism of the world’s largest digital currency. European Central Bank President Christine Lagarde said on January 13 that Bitcoin is “a very speculative asset” and “fun business” that promotes money laundering.

Source: CoinTelegraph