Russian Economic Development Minister Compares Bitcoin’s Price Crash to a ‘Soap Bubble’

Bitcoin has now “deflated like a soap bubble” but boosted investments in new technologies, Russian Economic Development Minister Maksim Oreshkin said this Wednesday. Although the analogy seems a bit extreme since when we think about soap bubbles, we think of it as bursting. However, in every sense, the bitcoin bubble has just deflated.

“You may recall what I said, for example, last year, 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 … Unfortunately, many people were affected [because of their investments in cryptocurrency], but again, in terms of new technologies, new businesses, it gave a positive impetus,”

Oreshkin said in an interview to the Russian RBC tv channel on the sidelines of the VTB Capital investment forum “Russia Calling!”

These views are similar to the general Russian state response to the growth of crypto. The country has not been able to ascertain a firm law for crypto trading, ICOs, and Mining. Vague statements like these from government officials are common time and again.

A lot of leading personalities have promoted the appropriation of blockchain technology for a wide range of reasons, such as using a gold-linked digital currency to protect the exportation of arms. However, this is still far from happening. So far, the interest of Russia in Bitcoin (BTC) has been greatly restricted to facilitate foreign missions looking for hard-to-trace cash.

Oreshkin noted that there were numerous investment projects in the field of new technologies, particularly, in blockchain technology, and increased attention to the industry was already being discussed at the international level.


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