Top CEOs of Russian banks gave their reasons why Bitcoin is a bad investment.

Sberbank and VTB, two of the biggest banks in Russia, will not be entering the cryptocurrency market anytime soon because their CEOs believe that crypto is too risky. In addition to that, they believe cryptocurrencies are “fake money.”

Sberbank CEO Herman Gref commented that cryptocurrencies like BTC are probably the riskiest type of investment in existence. Gref claimed that a bank deposit is the best investment vehicle out there. He said that depositing money into a bank is the safest investment despite low returns:

“A banking deposit is certainly the most reliable investment instrument. 100% reliability but unfortunately not very high profitability.”

Herman Gref

Andrey Kostin, the CEO of VTB even called bitcoin “fake money.” In a Friday interview with Bloomberg, Kostin said:

“We don’t like Bitcoin. We think it’s like making fake money. Somebody’s sitting somewhere mining and mining like in the Middle Ages and then using them.”

Andrey Kostin

According to Kosting, CBDCs will replace the cryptocurrency asset class as a whole.

It remains unsurprising that bankers shoot against cryptocurrencies. Whether their claims turn out to be true is yet to see.

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