Bitcoin Is Worse Than Casinos Here, Says Russian Economic Development Minister? Maksim Oreshkin, Russian Economic Development Minister, has warned that bitcoin may not be the right tool for doing business in Russia whether it is for real money gambling or doing any other online transactions. The Minister was saying this when he was comparing things between gambling and the use of digital currencies.
The Economic Development minister was worried that all those that have run to mine and invest heavily in bitcoin and other digital currencies might face the risk of losing all their investment saying that in Russia, Bitcoin casino is not the option but a big failure. The Minister cited that bitcoin, for instance, is highly volatile and that investing heavily in bitcoin casino is the worst mistake anyone could ever do.
Mr. Oreshkin was making this seemingly anti-bitcoin and digital currency in general during a conference of the World Festival of Youth and Students that was held in Sochi, the home of 2014 Winter Olympics.
He said that from the look of things, no one reasonable enough could decide to put all that they have in a seemingly collapsing cryptocurrency that according to him is not even regulated.
“Look at the way the value of the bitcoin fluctuates. Today, it is dozens of percent, but when you wake up the following day, it is dozens percent down! Is that what you want to invest in?” the Minister wondered.
He added that it is a bad sign and that every severe entrepreneur should run away from such a commodity. “An asset that should be readily available for any investor should not have such bad characteristics because this is now worse than casinos,” Oreshkin said.
The minister observed that it is possible for businessmen and women who invest in various digital currencies not to see the real trap because at first, anyone putting their money this seems so volatile commodity will always receive. However, he said that immediately after receiving, there will always come a time when everything a person received will varnish to the thin air.
The minister would not hesitate to warn that if Russia is not careful, all those that are busy mining and investing in bitcoin and other digital curries will cry bitterly in the end because according to him, it is definite that they will lose 99.9 percent of all their investment.
When you look sincerely at the history of the bitcoin, it is easy to question the reasoning of Russian Economic Development Minister. But on the other hand, although there are times when the price of the bitcoin stalls or even drops by a small percentage, it is easy also to see that the value of the bitcoin is steadily rising.
Coinbase, the website that follows closely the performance and the real value of the bitcoin records that in spite of many but small fluctuations, bitcoin has always had a solid history of its growth with the price value rising to 800 percent! On a fortunate turn of events, the minister did not propose for the total ban of bitcoin from Russia but asked for further restriction on bitcoin.