Cryptocurrency Condemned By Russian Bishop, What’s Next For RU?

Since the beginning of Bitcoin back in 2009, pundits from all walks of life have thrown their two cents at the cryptocurrency industry. The loudest among them have been bankers, and experts from renowned financial institutions. As much as the list of naysayers in the crypto space keeps getting bigger, the latest to join has been a rather obscure voice from a Russian orthodox church, Bishop Hilarion Alfeyev.

In fact, Bishop Hilarion did not only condemn Bitcoin and other cryptocurrencies but also went after the US dollar, squarely hitting at it as “a cryptocurrency”. According to the Russian clergy man, the price of Bitcoin and other cryptocurrencies is based on nothing more that sentiments. He said that “Cyrptocurrency is a new financial bubble, a new Ponzi scheme behind which there is nothing.”

The canonist maintained an apathetic view describing Bitcoin and cryptocurrencies as a banking system originated natural progression that is gradually evolving with the digital age. He further warned the church to avoid Bitcoin and cryptocurrency by all means.

According to his views on RT, the entire industry is representative of the banking system that converts real assets into virtual ones, thereby paving the way for usury – something that the church stands against in all its forms. He equally expressed frustration by saying that there is nothing that can be done as “we all have to keep out money in the banks.”

Cryptocurrency Only Has Sentimental Value

The New Year saw the Cyrptocurrency market hit an all time high of over $700 billion in market capitalization according to CoinMarketCap. As much as this number has grown tremendously it still pales in comparison to the stock exchange that features some of the biggest financial market players. According to the theologian, the growth in value of the entire cryptocurrency industry over the last five years represents the growth in sentiment and nothing else.

He further highlights the difference between traditional tangible assets and the value of virtual money by saying that “among a certain group of people, these cryptocurrencies have value, but this is divorced from reality and this is perhaps the greatest danger.”

He criticized cryptocurrency valuation of the dollar by claiming that it is hard to determine the value with the dollar’s circulation across the globe. He mentioned that at the moment “there are more dollars than any gold reserves could guarantee.” He continued to say that “In a way, the dollar is already a cryptocurrency. We don’t know how that currency is controlled, how its price rises and falls and even how many dollars are in circulation.”

Something To Think About

Although there is no empirical basis or market research to what the renowned Russian theologian and church musician had to say about the cryptocurrency market in its entirety, his opinions join the ever growing voices of people and government institution that are known to constantly call for regulations and control of the cryptocurrencies.

Certainly this will not be the last of influential people speaking out about the cryptocurrency market. After all, Blockchain technology and cryptocurrency have the potential to change the world as we know it and most of the established institutional leaders are naturally being forced to learn about it as it becomes the norm.