Russian Economist: Belief in Crypto Is Driving Bitcoin to New Highs

(Crypto News)-13/11/2024

A leading Russian economist said belief in crypto is “driving Bitcoin to new highs,” after BTC prices reached a new record high of over $84,000 on November 11.

However, the same expert warned that prices would “definitely” drop after bull market pressures fall away.

Russian Expert: Belief Is Now Driving Bitcoin

Per the state-run news agency TASS, the comments came from Andrey Stolyarov, an Associate Professor and the Deputy Head of the Financial Market Infrastructure Faculty at the National Research University Higher School of Economics (HSE).

Stolyarov also responded to comments from Richard Tan, the CEO of the crypto exchange giant Binance.

Tan recently told the British newspaper the Financial Times that Donald Trump’s victory in the US presidential election had ushered in a “golden age” for cryptoassets.

The Russian expert said that while it was hard to call the current climate a “golden age,” there was no doubt that bullish sentiments had taken hold of the market.

The Moscow-based HSE is considered the nation’s top financial and public research university. It also has campuses in the cities of Perm, Nizhny Novgorod, and Saint Petersburg.

MicroStrategy recently announced a Bitcoin buy worth over $2 billion, another factor analysts think is driving Bitcoin prices into terra incognita.

Gupta claimed that macroeconomic conditions are “also aligning in Bitcoin’s favor,” helping to “drive renewed demand and enthusiasm for Bitcoin.”

Ahead of the November 5 election, Trump unveiled plans for a crypto project focused on decentralized lending services.