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Minister of Finances: bitcoin’s recent drop proves it’s a pyramid

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Russian Minister of Finances Alexei Moiseyev claimed that the recent bitcoin’s price drop speaks for the fact that cryptocurrency should be regarded as a financial pyramid.

“Our thesis that there are some elements of a financial pyramid in bitcoin’s structure, they were confirmed this week. Just look at the bitcoin charts. Of course, there are people who were lucky enough, and those who were not. You need to buy low and sell high, but sometimes it turns out the other way, “— said Moiseyev on the sidelines of the conference “Legal Regulation of the Financial Market: Traditions and Innovations.”

Earlier last week State Duma deputy Anatoly Aksakov also claimed that bitcoin resembles a pyramid, though conceded the fact that its price will continue to grow:

“The volume of the bitcoin market is quite significant, the growth potential is huge, it will grow until some crucial point, only then it will be possible to see the consequences. This is not the limit, the pyramid is not yet inflated to the point where it’ll burst. It will grow more and more <…> twice, maybe three times higher, maybe it will reach 20 thousand dollars mark,” — Aksakov suggested.

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