Rapid growth of crypto assets is a sign for need to involve Russia in sphere of crypto environment

Yaroslav Bogdanov, Сhairman of the Board of the Fund for Protection of Investors' Rights in Foreign States

"Growth of cryptocurrency exchange rate, which has been observed during the first decade of October 2021, is likely to continue further. Experts state that the reason for active growth of digital market is the large influx of investments into cryptocurrency industry. Simply put, new money is converted into cryptocurrency, and this opens up real opportunities to earn money in the sphere," said Yaroslav Bogdanov, lawyer, chairman of the Board of the Fund for the Protection of Investors' Rights in Foreign States.

In the morning of October 11, 2021 Bitcoin exchange rate reached a four-month high. Bitcoin was being traded for 59.6 thousand US dollars, over the day it rose in price by 2%. It is noted that in 2021, an increase of thousands of percent was also shown by other tokens, such as, YFI or Altcoin, which rose in price by almost 300 thousand percent in less than a year.

— A number of Latin American countries may recognize cryptocurrencies as legal tender in the near future, following El Salvador. In Russia, this idea is still rejected, although Central Bank of Russain Federation has announced that it plans to introduce a digital ruble by 2030. Meanwhile, national currency will not be replaced by bitcoin, but can be used by governments to control the citizens of the country, the expert believes.

At present, great opportunities are opening up for transition of national economy to a whole new level and there are chances to take leading positions in the market," Yaroslav Bogdanov shared his opinion with the editorial board of the IA "Foreign Economic Relations".

It is worth mentioning that analysts predict growth of even meme assets, such as Dogecoin. Trader Justin Bennett said on Monday that he sees signs indicating the imminent growth of the "meme" cryptocurrency by more than 1000%.

The head of Galaxy Digital, Mike Novogratz previously predicted active growth of the crypto market by the end of this year. In his opinion, price of bitcoin in the fourth quarter will be able to reach historical hights and reach a level between 80 and 100 thousand dollars.

— I think that Russia should not delay its recognition of cryptocurrencies. There are many signs that traditional money is becoming outdated. Of a particular concern against this background is the recent statements of American President Joe Biden, who allowed a possible default of United States and collapse of US dollar," concluded Yaroslav Bogdanov.

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