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Bitcoin Is One of the Worst Investments, Russian State Duma Deputy Says

December 29, 2020 at 21:01 by Mark Stevenson

The rapid growth of Bitcoin (BTC) makes it difficult to soberly assess its real profitability. This opinion is shared by Russian State Duma deputy Anton Gorelkin. According to the parliamentarian, the leading cryptocurrency is a bad investment asset. He said:

Arithmetic tells us that from December 2017 to mid-December 2020, Bitcoin showed a 3.8% return. This is in three years. One of the worst assets for investment — any economist will tell you.

Read also: Canadian Economist Calls Bitcoin a Bubble Amid a New Price High

Gorelkin expects an equally impressive drop in Bitcoin price after its explosive growth. The official added:

2020 has not met the expectations of cryptocurrency holders and developers. With the failure of Durov’s “gram” and Zuckerberg’s “libra”, it became clear that crypto money is still neither normal money, nor a store of value. The only thing they are good for is a speculative game.

He further stated that cryptocurrency remains the primary means of payment on the darknet.

Crypto is probably still the future. But this year it has definitely not come.

Investing in Bitcoin always pays off

While Gorelkin thinks Bitcoin is one of the worst investments, others beg to differ. Earlier, Chris Thomas, the head of the digital assets department of the Swiss online bank Swissquote, called the purchase and storage of a small portfolio of bitcoins the safest strategy for investing in cryptocurrencies in 2021.

Read also: Michael Saylor Persuades Elon Musk to Invest in Bitcoin

Also, Nikolay Udyansky, the founder of the Coinsbit cryptocurrency exchange and the Bitcoin Ultimatum fork believes that Bitcoin investment is always profitable, regardless of market conditions. In his opinion, investments in Bitcoin always pay off despite the sharp jumps in the rate.

No matter how much the price goes down, it will always recover and give its plus. It’s just a matter of time and keeping calm.

Read also: Robert Kiyosaki: Buy Bitcoin Now, Next Stop Is $50,000

The technical director of CEX.IO Dmitry Volkov is of the same opinion. According to the expert, investing in Bitcoin allows you to protect funds from risks. Volkov said:

Along with lower rates, world banks are pouring cheap money into the economy. Some of them have already settled on stock markets, which have overheated significantly over the past few weeks. Some investors consider the crypto market, in particular, investments in Bitcoin, as a hedge of inflation. This event did not pass by the Russian players, who have already paid attention to Bitcoin and other so far undervalued assets.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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