Russian Economic Minister Says BTC Is ‘Soap Bubble’ But Lauds Crypto’s Influence on Tech

The Minister of Economic Development of Russia referred to Bitcoin (BTC) as a “soap bubble” that has led to investors’ losses, Russian informational agency RBK reported Nov. 28.

The Minister of Economic Development of Russia referred to Bitcoin (BTC) as a “soap bubble” that has led to investors’ losses, Russian informational agency RBK reported Nov. 28.

Minister Maksim Oreshkin, speaking in an interview with RBK, noted how the cost of Bitcoin (BTC) has decreased dramatically, referencing the coin’s rise to $20,000 in December 2017:

“When Bitcoin’s price jumped up to $20,000, and now it is lower than $4,000, we said very simple things: Bitcoin itself is a soap bubble, it deflated, that’s what happened”

However, Oreshkin also said that despite a fair number of losses among investors, cryptocurrencies “gave a positive impetus” to tech innovation. The Minister noted that many investment projects have been created within the industry of new technologies, such as blockchain, which is good for business.

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