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Business/Finance
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Title: Orthodox Leader Says Russians Should Stop 'Losing their Minds' Over Bitcoins Patriarch Kirill
Source: [None]
URL Source: https://themoscowtimes.com/news/ort ... sing-minds-over-bitcoins-60301
Published: Jan 29, 2018
Author: staff
Post Date: 2018-01-29 01:05:23 by Tatarewicz
Keywords: None
Views: 400
Comments: 1

MoscowTimes...

The leader of Russia’s Orthodox Church has spoken out against the latest craze over cryptocurrencies, calling for cooler heads and government protection against "outright deception.

"The bitcoin cryptocurrency is currently trading at around $10,000 after a head-spinning 2017 that saw it peaking at $20,000 in mid-December. Cryptocurrencies have been a big hit in Russia, despite fears over their volatility. Read More Read more: Russia Is Becoming a Cryptocurrency Haven

“People are selling all of their property to get a chance at quick enrichment by buying cryptocurrencies,” Patriarch Kirill said in an address to Russian senators on Thursday.

He said that people “lose their minds” when they see the uncontrollable growth of the value of bitcoin against the dollar.

“Suddenly, bitcoin collapses [in value] and people realize that they didn’t win anything but that they lost everything they had,” he told the upper house of parliament.

Russia’s Finance Ministry published a draft bill establishing a regulatory system for digital assets this week, moving closer to legalizing cryptocurrencies despite concerns from the country’s Central Bank.

Calling on legislators to prevent the risk of cryptocurrencies, Patriarch Kirill noted that it was the church’s role to prevent “enslavement by the passions and to promote righteous labor, which should, of course, be adequately compensated.” Russian Officials Allowed to Hide Cryptocurrencies from Declarations News Jan. 10 2018 Russian Officials Allowed to Hide Cryptocurrencies from Declarations Moscow University Student Removed From Exam for Jewish Headwear

Poster Comment:

One wonders how much of the last Bitcoin spike was due to Russian buying.

Post Comment   Private Reply   Ignore Thread  

#1. To: Tatarewicz (#0)

One wonders how much of the last Bitcoin spike was due to Russian buying.

Personally I think it's from all over. In December, some online crypto exchanges even stopped accepting new client account signups beause they could not keep up with the number of people who wanted in.

And yes, unfortunately, may are over investing, taking high risk.

Pinguinite  posted on  2018-01-29   2:57:01 ET  Reply   Trace   Private Reply  

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