“Anyone who buys Bitcoin or NFT is a sucker,” says the billionaire

Bitcoin and NFT Investments Are “For Dummies,” Says Russian Billionaire Igor Rybakov

  • Igor Rybakov is considered one of the richest males in Russia due to his work in the roofing enterprise;

  • Bitcoin and NFTs have misplaced a lot of their worth since the November 2021 value hike;

  • War sanctions created a good time to put money into Russia, Rybakov mentioned.

As Igor Rybakov, a Russian roofing and constructing supplies billionaire, said in a video on his YouTube channel, “Bitcoin and NFTs are bullshit.” The speech came about in the center of the disaster in the cryptocurrency market, which has not but recovered from the collapse of Luna and was demolished once more with the crash of FTX.

The disaster induced costs of different cryptocurrencies corresponding to Bitcoin and Ethereum to drop. According to Rybakov, buyers pay influencers and bloggers to unfold the phrase that “now is the time to purchase bitcoin” in an try to push the value again up and promote their property.

“The world’s suckers haven’t decreased, however the suckers’ cash has decreased. As a end result, the cryptocurrency bubble begins to decelerate and deflate. So do not attempt now, at the finish of this bubble, the day earlier than the crypto winter, to turn out to be a shedding investor. Those who purchase Bitcoin should not buyers – they’re suckers,” he mentioned.

Rybakov additionally commented on NFTs, or non-fungible tokens, which turned well-known as investments after the giant sums paid for so-called digital artworks, together with the Bored Ape Yatch Club sequence. For the Russian tycoon, these crypto-assets are additionally a unhealthy funding.

“Bitcoin period is over, however now there is NFT economic system. Let me inform you: one other leisure for suckers. It would not matter how a lot enjoyable the sucker has, the essential factor is that he loses cash. So, if somebody advises you to purchase NFT, do not do it, save your cash “.

What to put money into then?

For the billionaire, who is thought of considered one of the richest males in Russia, now is a good time to put money into the Russian economic system, as the worth of the ruble has fallen because of the conflict in Ukraine and plenty of overseas firms have left the nation.

“Now a lot of persons are promoting their companies at a low cost, a lot of overseas firms are leaving Russia and so they’re additionally promoting firms at a low cost. It’s a possibility for individuals who have money to get into the enterprise, 20%, 30% low cost, and so they’re promoting it at a low cost. 50%.”

“Today, each ruble or greenback, no matter you want, invested in Russia, over the horizon of the subsequent 15 years, will deliver 10 instances revenue. Russia right this moment is a very fascinating place for investments,” he suggested.

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