In a interview with the local news agency TASS, Aksakov argued that Bitcoin is backed by nothing and so sooner or later the Bitcoin bubble is about to burst:
“Bitcoin is not supported by anything like a cryptocurrency. This is a private currency and its value is based on the trust in the related data system. In this context, Bitcoin provides a basis for a bubble in the crypto market, and I think this bubble will burst sooner or later. “
Aksakov also pushed for strict regulation of Bitcoin, hinting that global jurisdictions should probably ban it as a payment method. Russia has already banned crypto-powered payments effective from January 1, 2021.
Aksakov stated, “It is imperative to shut down all channels from using Bitcoin to fund drug trafficking, terrorist operations, money laundering, corruption plans, and so on.”
Aksakov also noted that Bitcoin is “the mother of blockchain.” “Blockchain technology has been around for a long time, but thanks to Bitcoin it gained popularity and is now widely used,” he said.
Aksakov isn’t alone in claiming that Bitcoin is a bubble. Michael Hartnett, chief investment strategist at Bank of America Securities, argued that Bitcoin will look like “the mother of all bubbles” in early January 2021.
As previously reported by Cointelegraph, Aksakov emerged as one of the biggest Bitcoin critics in 2020. He is convinced that Bitcoin “has no future” and that crypto payments would destroy the global financial system.
After the massive rally of Bitcoin are driving price up to $ 42,000 in January, a number of global authorities criticized the world’s largest cryptocurrency. President of the European Central Bank Christine Lagarde countered on January 13 that Bitcoin is a “highly speculative asset” and a “funny venture” that contributes to money laundering.