A prominent Russian economist commented on the Bitcoin rally and announced the imminent collapse of BTC.
The historic rise of the first cryptocurrency in recent months was the result of the desire of many investors to preserve their capital in a more reliable and promising, as they imagined, currency, economist Mikhail Khazin believes.
Bitcoin is more reliable because it defies regulation and does not depend on central banks. It is in this that the economist sees the fundamental difference between BTC and physical gold, writes “Economics Today”.
“The turnover of physical gold is tightly controlled. People who keep their savings in gold for a rainy day buy bullion or coins. There are indeed problems with them. You cannot buy gold without a passport. We have tightened the rules for working with cash, ”Khazin explained.
Khazin associates the rise of cryptocurrencies with the tightening of control of dollar financial flows, which prompted those who want to hide money and switch from the American currency to new digital means of payment.
However, many people use the cryptocurrency for illegal operations related to prohibited substances and weapons, so the economist is sure that Bitcoin will be closed soon.
Billionaire Mark Cuban is also skeptical about Bitcoin. He recently stated that the cryptosphere resembles the dot-com bubble of the early 2000s. At the same time, he admits that some digital currencies can indeed survive the crisis and enter a new era as innovative giants.
The “king of bonds” and the head of management company DoubleLine Jeffrey Gundlach said that bitcoin got into the bubble after breaking the $ 20,000 mark. Last year, an investor called bitcoin insurance against inflation amid a weakening dollar. But after the rise in price of cryptocurrency to about $ 23,000, he said, “mania” began.
Market forecasts, analytics and stock news