Bitcoin sees a promising approach from all over the globe. But still, some people don’t have the same feeling.

Russian State Duma, Anatoly Aksakov, a well-known Bitcoin critic, suggested that Bitcoin should be banned as a payment method.

Anatoly Gennadyevich Aksakov is a Russian politician and economist. He is a member of the Russian State Duma. In an interview with nearby news agency TASS, Aksakov contended that Bitcoin is not supported by anything, and consequently, the Bitcoin bubble will ultimately blast.

Bitcoin is not backed by anything as a cryptocurrency. This is a private currency, and its value is based on trust of the related data system. In this context Bitcoin provides a basis for a bubble on the crypto market, and I think this bubble should burst sooner or later.

“On Digital Financial Assets” law passed in July 2020 makes Russia‚Äôs State Duma anticipate an increase in cryptocurrencies issuance in the local market in 2021.

This law legalizes crypto but bans people from using cryptocurrencies like Bitcoin as a payment mode. Anatoly Aksakov said –

A lot of big businesses have asked us to pass the law more quickly, and I know that they are going to produce stablecoins.

Aksakov believes that Bitcoin usage as a payment method benefits terrorist transactions, money laundering, and much more.

However, the feelings are completely different regarding Bitcoin for Dan Morehead, CEO of Pantera Capital. He believes that in August 2021, Bitcoin will hit $115,000. Bitcoin has gained popularity to such an extent that publicly traded companies, and traditional financial institutions have introduced Bitcoin to their balance sheet. Massachusetts Mutual purchased $100 million in Bitcoin, invested 1% of total assets into the digital currency, and Morgan Stanley has more than 10% of MicroStrategy equity.


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