Kadyrov flags moral concerns over cryptocurrency investments

The head of Chechnya, Ramzan Kadyrov, is concerned about the growing interest of residents in cryptocurrencies and the moral dimension of investing in them. As Pravda.Ru reports, citing his Telegram channel.

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According to Kadyrov, the media present cryptocurrencies “as a new gold” and provoke “a peculiar Bitcoin fever”. He noted that in pursuit of profit, “people take out loans, skimp on themselves and their families, invest their last money”.

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But most of all, the republic’s head worries about the moral dimension of investments in cryptocurrencies. In his view, the price of such assets “rises only due to the greed of those who invested in them, trying to lure in new investors and profit from their greed”.

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Kadyrov warned of significant risks associated with such investments. He also stated that “over the last month Bitcoin has devalued by twofold”.

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On the TradingView chart for BTCUSD (BITSTAMP) over the month there have been brief drawdowns in Bitcoin, but overall the trend runs counter to the Chechen leader’s words.

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As of this writing, there were no posts about Bitcoin on Ramzan Kadyrov’s Telegram channel.

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