Sei Media

A prominent Russian lawmaker, Anatoly Aksakov — the head of the State Duma’s Committee on Financial Markets — has stirred controversy by claiming that Bitcoin is “bound to collapse sooner or later,” even as Russia moves forward with formal crypto regulation domestically.
According to Aksakov, Bitcoin’s economics are fundamentally unsound. In comments referenced by Russian outlets, he argued that cryptocurrency “is not really backed by anything” and describes it as a kind of speculative hype born from people’s fascination with computers and easy money — eventually destined to fall apart under economic laws.
The remarks come in the context of Russia preparing new crypto rules aimed at regulating digital asset creation, mining, and circulation. Despite his bearish rhetoric, Aksakov and the government are moving ahead with legislation that would legalize parts of the crypto ecosystem, including regulatory frameworks for exchanges, banks offering crypto services, and defined penalties for illegal mining and circulation.
Russia’s crypto market has grown significantly in recent years, with estimates placing it above $13 billion and attracting both retail and institutional interest.
Aksakov’s stance reflects a broader tension in Moscow’s approach: on one hand, lawmakers acknowledge the growth and strategic potential of digital assets; on the other, they continue to voice deep skepticism about Bitcoin’s long-term value and utility. The lawmaker also noted extreme volatility as a core weakness, warning that Bitcoin’s price is unpredictable and unsuitable for reliable investment.
Meanwhile, proposed legislation would make Russia’s crypto market more structured, with new rules expected to introduce licensing regimes, investor caps, and possible criminal liability for illegal actors.
This dual narrative — regulation paired with public bearish forecasts — adds a new geopolitical layer to global Bitcoin debate, raising questions about how major governments perceive crypto risk vs strategic opportunity.