RATE Group | Bitcoin Has ‘Deflated Like a Soap Bubble’, Says Russia’s Economic Development Minister •…
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Bitcoin Has ‘Deflated Like a Soap Bubble’, Says Russia’s Economic Development Minister •…

01 Dec Bitcoin Has ‘Deflated Like a Soap Bubble’, Says Russia’s Economic Development Minister •…

Posted at 05:52h in Bitcoin News by

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The Russian economic development minister has said that Bitcoin has “deflated like a soap bubble,” following a drop in value that brought it down to a yearly low of $3,200.

The Bitcoin Soap Bubble

Maksim Oreshkin, Minister for economic development in Russia, made his remarks on Wednesday to the Russian RBC TV channel on the sidelines of the VTB Capital investment forum Russia Calling!

In a report from UrduPoint, Oreshkin said:

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.

He added that it was unfortunate that people who had invested had lost money, but that “in terms of new technologies, new businesses, it gave a positive impetus.” Talking about the blockchain, he noted that there are several investment projects involving the technology, with the blockchain gaining widespread attention…

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