Bitcoin Bubble Burst as Predicted - Russian Economy Minister

Bitcoin has now "deflated like a soap bubble" but boosted investments in new technologies, Russian Economic Development Minister Maksim Oreshkin said Wednesday.

'You may recall what I said, for example, last year, when Bitcoin's price jumped up to $20,000, and now it is lower than $4,000, we said very simple things. Bitcoin itself is a soap bubble, it deflated, that's what happened… 

Unfortunately, many people were affected [because of their investments in cryptocurrency], but again, in terms of new technologies, new businesses, it gave a positive impetus," Oreshkin said in an interview to the Russian RBC TV channel on the sidelines of the VTB Capital investment forum "Russia Calling"'.

Oreshkin noted that there were numerous investment projects in the field of new technologies, particularly, in blockchain technology, and increased attention to the industry was already being discussed at the international level.

The legal status of cryptocurrency, mining and crowdfunding has not been defined in Russia so far. In March, three bills aimed at closing this legislative gap were submitted to Russia's lower house. The draft law "On Digital Financial Assets" directly established that digital financial assets are not a legal means of payment in Russia.

Sputnik News

Other News

AI offers both opportunities, challenges for Vietnam's growth

AI offers both opportunities, challenges for Vietnam's growth

Dr. Ho Duc Thang, a full-time member of the National Assembly’s Committee for Cultural and Educational, said productivity is the key to sustaining double-digit economic growth, and AI has greater potential to improve productivity than any previous technology.

Top leader unveils people-centred vision for new development model

Top leader unveils people-centred vision for new development model

Vietnam's growth model, long fueled by low-cost labour, resource extraction, contract manufacturing, expanded investment, and capital accumulation, has run out of road. The country now needs a sweeping reform agenda to shift from extensive growth to a model driven by productivity, knowledge, science and technology, innovation, and digital transformation.

First national semiconductor chip prototyping support centre makes debut

First national semiconductor chip prototyping support centre makes debut

Vietnam's semiconductor ecosystem now comprises around 60 chip design companies, some 7,000 chip design engineers and 166 universities offering semiconductor-related training programmes. Initial registrations from 12 organisations indicate demand for the prototyping of approximately 30,000 chips.

Vietnam targets at least 10 large strategic technology firms by 2030

Vietnam targets at least 10 large strategic technology firms by 2030

Deputy Prime Minister Ho Quoc Dung has signed a decision approving a plan to develop large domestic strategic technology enterprises in the 2026–2030 period, aimed at advancing digital infrastructure, digital human resources, digital data, strategic technologies and cybersecurity.

Protecting users crucial in building digital trust: Experts

Protecting users crucial in building digital trust: Experts

In Vietnam, digital transformation in the finance and banking sector is accelerating cashless payments, expanding access to financial services, improving market transparency and supporting economic growth and macroeconomic management.

Fostering skilled workforce for innovation era: experts

Fostering skilled workforce for innovation era: experts

Experts said close coordination among State management agencies, research institutes, universities, and businesses will improve training quality and serve the dual goals of quality education and practical research application.

Startup forum bridges Silicon Valley and local innovation ecosystem

Startup forum bridges Silicon Valley and local innovation ecosystem

The University of Economics Ho Chi Minh City (UEH), Saigon Asset Management (SAM), and Plug and Play Tech Centre co-hosted the “From Vietnam to Silicon Valley” forum, exploring AI innovation, venture capital, and pathways to integrate Vietnam’s startup ecosystem with Silicon Valley and global markets.