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Maksim Oreshkin: Bitcoin price is ‘like MMM Ponzi Scheme’

Maksim Oreshkin Russian Ministry of Economic Development has relates Bitcoin to the ill-famed Ponzi scheme MMM.

He repeats, speaking at the Federation Council, “unqualified investors” buying into cryptocurrency being “dangerous”.

He further said on a quote by local news outlet RIA Novosti, “Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM”.

Also Read: Russian Crypto Mining-More Profitable than Drugs and Arms Trafficking

MMM is the product of serial fraudster Sergey Mavrodi. Therefore, it was devise in Russia in the late 1980s. However, in 2003, law enforcement shut the scheme down and arrested Mavrodi. Still, in 2011, MMM resurfaced and now targeting African consumers.

Oreshkin says,

“There are very high risks here for those who are interested [in Bitcoin]. It’s clear the state cannot protect these people; their actions come entirely at their own risk. Since, I’m simply calling for everyone to be very careful with this issue”.

Similarly, the offer to restrict Bitcoin to “qualified investors” Alexey Moiseev, from the country’s deputy finance minister. Meanwhile, Elvira Nabiullina a central bank head  says that she was “categorically against” allows it on the Moscow Stock Exchange.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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