Russian experts are throwing cold water on the current Bitcoin bull run, claiming it's unlikely to match the meteoric rise of 2017. Their report paints a picture of a market fueled by speculation rather than widespread adoption.

The Crypto Frenzy Fizzles

The Roscongress Foundation, a prominent Russian NGO, points to a key difference - muted public interest. Unlike 2017's frenzy, internet searches for crypto haven't skyrocketed. This suggests a lack of the same level of mainstream excitement driving prices.

ETF Hype: All Sizzle, No Steak?

The long-awaited approval of spot Bitcoin ETFs was expected to democratize crypto investing. However, the report argues that hasn't materialized. The jury's still out on whether ETFs will truly open the floodgates of new investors.

Bitcoin: High-Risk Plaything or Future Financial Powerhouse?

The report throws shade on Bitcoin's integration with traditional finance. Its mining-based transaction system, they argue, is a hurdle to widespread adoption. Additionally, Bitcoin's correlation with tech stocks underscores its perception as a risky asset, not a safe haven like gold.

Speculative Fervor vs. Long-Term Value

The recent price surge is attributed to temporary speculation surrounding ETFs, not a fundamental shift in Bitcoin's value. While long-term forecasts vary wildly, the report suggests the future remains uncertain.

Stablecoins: The Unsung Heroes?

The report sheds light on the growing influence of stablecoins. They hypothesize that increased stablecoin adoption fueled the 2021 and 2024 Bitcoin rallies, suggesting a shift in how crypto prices are determined.

Is the Bull Run Out of Gas?

The Roscongress Foundation report may dampen some enthusiasm, but it doesn't write off Bitcoin's future. The rise of stablecoins and potential for wider ETF access could still pave the way for long-term growth. However, it seems the 2017-style frenzy might be a thing of the past.