Russian experts have expressed skepticism regarding the current Bitcoin bull run, suggesting it is unlikely to replicate the extraordinary surge experienced in 2017. Their report presents a market driven more by speculation than by broad-based adoption, highlighting key differences between the current environment and the frenzy of 2017.

The Roscongress Foundation, a prominent Russian non-governmental organization, points to a significant distinction - the lack of widespread public interest. Unlike the intense excitement that characterized 2017, internet searches for cryptocurrency have not seen a dramatic increase, indicating a lack of mainstream enthusiasm driving prices upward.

The long-awaited approval of spot Bitcoin exchange-traded funds (ETFs) was expected to make crypto investing more accessible to a broader audience. However, the report argues that this democratization of crypto investing has not yet materialized. The impact of ETFs on attracting new investors remains uncertain, with the jury still out on their potential to open up the market to a wider range of participants.

The report also raises questions about Bitcoin's integration with traditional finance. The mining-based transaction system, it is argued, poses a significant obstacle to widespread adoption. Furthermore, Bitcoin's correlation with tech stocks reinforces its perception as a high-risk asset, rather than a safe-haven asset like gold.

The recent price surge is attributed to temporary speculation surrounding ETFs, rather than a fundamental shift in Bitcoin's value. While long-term forecasts for Bitcoin vary widely, the report suggests that the future remains uncertain, with the current bull run potentially fueled by short-term speculation rather than a sustained shift in the cryptocurrency's value.

The report sheds light on the growing influence of stablecoins, hypothesizing that increased adoption of these coins may have contributed to the 2021 and 2024 Bitcoin rallies. This suggests a shift in how cryptocurrency prices are determined, with stablecoins potentially playing a more significant role in the market.

While the Roscongress Foundation report may temper some of the enthusiasm surrounding Bitcoin's current bull run, it does not dismiss the cryptocurrency's future prospects entirely. The rise of stablecoins and the potential for wider ETF access could still pave the way for long-term growth, although the report suggests that the intense frenzy of 2017 may be a thing of the past.