Bitcoin overview: Bitcoin has no future, says Russian financial tycoon

Bitcoin (BTC) is oscillating in a narrow range as the market struggles to decide where to go next. While it is hard to tell, where the price will go from here, traders should brace for a spike of volatility on a breakthrough from the current range. If the bulls have the upper hand and manage to take the price above congestion area $3,600-$3,640, the recovery will gain traction and take Bitcoin towards $4,000. 

On the downside, a sustainable move below $3,350 looks ominous as it will open the way towards the lowest level of 2018 at $3,127.

Meanwhile, Andrey Kostin, the head of one of the largest Russian banks VTB, joined the ranks of crypto skeptics. The banker believes that digital money is a niche thing, while miners are like false coiners.

"The cryptocurrency market is too small, and they are unlikely to become widely adopted in future,” Kostin said speaking on the academic competition “I am a Professional.”

He explained that growing transparency of a global financial system is one of the factors that will get in the way of cryptocurrency mass adoption. Apart from that, Kostin emphasized that the digital assets market is not regulated in the vast majority of jurisdictions. 

Like many top executives within the traditional financial industry, Kostin discouraged by the idea that digital assets can be used for money laundering purposes and financing illegal activities.