Bitcoin is a bubble in the cryptocurrency market, and sooner or later it must burst, says Anatoly Aksakov, head of the State Duma Committee on the Financial Market. In an interview with TASS, he said that the use of this cryptocurrency should be regulated by law. Writes about this RBC Crypto.
Bitcoin itself as a cryptocurrency is not backed by anything. It is a private currency, its value is determined by the trust of the participants in the corresponding information system. In this regard, bitcoin is the basis of one of the bubbles in the cryptocurrency market, and I think that sooner or later this bubble must burst, ”Aksakov stressed.
He added that Bitcoin should be regulated and could be banned as a means of payment. According to the deputy, it is necessary to block all channels for using the first cryptocurrency to finance drug trafficking, terrorist operations, money laundering, corruption schemes, and so on.
Aksakov recalled that a law on digital financial assets and digital currency came into force in Russia, which states that cryptocurrencies cannot be used as a means of payment in Russia. At the same time, the authorities have made changes to the legislation that determine that owners of cryptocurrencies must declare them, and if they receive income from the use of cryptocurrencies, they must pay taxes.
Earlier, the chief investment strategist of Bank of America Michael Hartnett called Bitcoin “the worst of all bubbles.” The expert warned that the rise in the value of the cryptocurrency in recent months in 250% could be the result of speculative mania.
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