The Bitcoin Bubble Thing Is The Reason Why Many Russians Are Not Investing

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Russia Loves Dogecoin But Won’t Touch “Bitcoin Bubble”? Many people living in Russia may want to invest in the Bitcoin. But the fear that is going around is discouraging them. According to the chief of wealth fund, it is a bubble. “Frankly, we will never invest in. For us, it’s obvious that bitcoin is a bubble. In Russia, lots of people want to invest in bitcoin. But we believe it’s a bubble. This is even as blockchain technology remains relevant,” Kirill Dmitriev says.

Why Does Russia Like Dogecoin, But Feels Bitcoin Is A Bubble?

Kirill is the CEO of Russia’s Sovereign Wealth Fund (RDIF). The CEO is speaking this during a World Economic Forum in Switzerland. The CEO says that he is not against technology. In fact, he agrees that he supports technologies. But he says that Russians will not support cryptocurrencies. He seems to have a lot to say when it comes to digital currencies.

Technology Over Blockchain

“The technology sector is an interesting sector for investment. We see this each day. Many people want to invest in technology. But not cryptocurrencies> and blockchain. I think people spend too much time discussing these items. You’ll agree that technology like online health care is worth it. Technology as big data for agriculture or something of the sort. I’m talking about technologies people can apply to big companies and create lots of value,” he says.

The CEO tells delegates that the world needs to do more. He believes that authorities need to be much more aggressive than before. According to him, there is a lot of laxity in the past. This is giving cryptocurrencies like Bitcoin room to thrive. “We need to be much more aggressive and active than before. Previously, the sovereign wealth funds outsource decision-making. Besides, it collects the checks, but for us, we need to be much more active. We need to be searching for this value, and I believe technology and infrastructure are areas to focus on right now,” he adds.

Sovereign Wealth Funds

Throughout the world, sovereign wealth funds are in the hands of the state. These are tools that enable various countries to save. But these are not money that should go to multiple projects. These are surplus revenue. When a nation has a surplus, it is the work of sovereign wealth fund to keep. The best way to keep this revenue is by purchasing different kinds of assets. These assets should be of value for them to amount to be safe havens of the nation’s surplus revenues.
Russia Loves Dogecoin But Won't Touch "Bitcoin Bubble"
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Will Russia Invest In Dogecoin Instead Of Bitcoin?

By September 2017, Sovereign wealth funds around the world have a whopping $7.4 trillion. This massive wealth is in various assets. Different nations and governments around the world can claim these assets. The September 2017 sovereign wealth funds are more than double what the same countries had ten years ago. Back then, the same kitty is only $3.4 trillion. It then means the number of unused funds is doubling in the past ten years.

The CEO finishes by saying that we live at a time it is hard to find the pockets of value. He even says that people are investing in cryptocurrency by mistake. Above all, this is not what Russia can do.

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Russia Loves Dogecoin But Won't Touch "Bitcoin Bubble"
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Russia Loves Dogecoin But Won't Touch "Bitcoin Bubble"
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Many people living in Russia may want to invest in the Bitcoin. But the fear that is going around is discouraging them. According to the chief of wealth fund, it is a bubble. "Frankly, we will never invest in cryptocurrencies. For us, it's obvious that bitcoin is a bubble. In Russia, lots of people want to invest in bitcoin. But we believe it's a bubble. This is even as blockchain technology remains relevant,”
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