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Tim Alper
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Tim Alper
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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 golden age is an abstract concept. But in reality, cryptocurrency is currently in a bull market. Both technical and fundamental factors are contributing to this. There will definitely be a decline at some point. It is difficult to say when. But for now, the market believes in a bright future and a golden age.”
Andrey Stolyarov, National Research University Higher School of Economics (HSE), Russia
The expert agreed that Trump’s victory has sparked “another bull market,” with crypto investors now buoyed. He explained:
“Expectations of a further rate cut [from the Federal Reserve] and greater liquidity gives the bulls momentum. It is difficult to say how long this sentiment will last. But for now, the wind is blowing in the sails of crypto advocates.”
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.
Russian Crypto Investors Feeling Positive, Says Trader
Cryptonews.com spoke to Dima (surname withheld), a Russian crypto investor and a resident of Saratov. He said:
“I’m feeling very positive about all of my positions. And my crypto friends in our group chats are all feeling very positive.”
Bitcoin continued its march on November 11, with most analysts claiming that the chief factor behind the rise was anticipation about Trump’s pro-crypto policies.
Not Just Trump?
Some claimed that other factors were also at play, however. Sumit Gupta, Co-founder of the India-based crypto exchange CoinDCX, said:
“Bitcoin’s recent price surge is driven by a combination of factors beyond just U.S. election anticipation. A pivotal element is MicroStrategy’s announcement to invest up to $42 billion in Bitcoin over the next three years. This substantial institutional commitment signals strong, long-term confidence in Bitcoin, further establishing it as a hedge and store of value among large-scale investors.”
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.
