Russian State Duma Deputy explains the reason for the rapid growth of bitcoin

Anatoly Aksakov referred to the banking crisis in the United States and the search by users for alternative means of saving

22.03.2023 - 12:30

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3 min

What’s new? Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that bitcoin was attractive to investors as an alternative means of saving due to the tense situation in the US market, due to which its rate has soared recently. In this, the deputy himself believes that bitcoin has no future because the asset is volatile and the crypto market as a whole is highly unpredictable. The official treats the first cryptocurrency “condescendingly and cautiously” and notes that he would prefer to invest in Russian digital assets that are beginning to appear in the market.

Parlamentskaya Gazeta’s material

What else did the deputy say? Aksakov noted that the value of bitcoin has almost doubled due to the fact that the situation in the US market is becoming tense in terms of a possible crisis. At the same time, he stressed that with the help of cryptocurrency, one can both quickly earn and quickly lose all investments.

The deputy believes that the digital ruble may be very interesting as an asset. He explained this by the fact that the current and subsequent years are the time of active use of Russia’s digital currency.

Individuals in Russia will be able to use the digital ruble in test mode starting April 1

Deputy Governor of the Bank of Russia Olga Skorobogatova spoke about this

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Earlier, crypto trader Tone Vays said that bitcoin will not be able to maintain its position in case of rapid growth to the $50 000 mark. On March 21, the index of fear and greed of the crypto market for the first time in a long time came close to the marks recorded during the massive 2021 rally. Bloomberg experts predict a large-scale adoption of bitcoin amid the banking crisis in the United States.

As of March 22, 12:10 UTC, BTC is trading at $28 177, having gained 0,58% in 24 hours. Weekly and monthly growth amounted to 7,97% and 12,8%, respectively, according to Binance.

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