Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee and a key architect of Russia's cryptocurrency legislation, has made a stark prediction about Bitcoin's future. In an interview with the Russian Parliament Gazette, Aksakov declared that Bitcoin is "destined to collapse sooner or later." He argued that the cryptocurrency is not backed by any tangible asset, describing it as "a kind of hype that grew from people’s interest in computers and the idea of making money by connecting to the electricity grid."
Aksakov's criticism extended to the market's fundamentals, stating that price movements are often dependent on "numerous subjective factors rather than objective ones" and that the market's high volatility makes it unsuitable for reliable investment. "If you want to make money, this isn’t the best market. Regardless of your expertise level, the fluctuations are uncontrollable," he added. His comments were published alongside views from other Russian experts who suggested Bitcoin's price could fall to around $40,000 in the near term.
Despite this pessimistic outlook, the Russian government is actively advancing a comprehensive regulatory framework for the crypto sector. Aksakov himself announced he is working on a new draft law for Bitcoin mining, aiming to legalize the sector for compliant companies. The proposed regulations would also establish rules for cryptocurrency exchanges and permit banks to offer crypto trading services to customers. The bill includes provisions for sanctions against illegal mining and the illicit circulation of digital assets.
This legislative push comes as Russia's crypto market is reported to have exceeded $13 billion. The regulatory efforts align with a policy that allows crypto trading under oversight while maintaining a ban on its use for domestic payments. A significant milestone is set for July 1, 2026, as officials work to solidify the legal framework. In a sign of institutional adoption, Sberbank, Russia's largest lender, has told Reuters it plans to offer crypto-backed loans for corporate clients and is prepared to coordinate with the central bank as new rules take effect.
