The price of Bitcoin surged past the psychological barrier of $105K for the first time since January 31, according to live data from the Binance cryptocurrency exchange platform. Bitcoin reached $105,032 — reflecting a 0.34% gain — before retreating to $103,954.
This spike in value, albeit short-lived, comes amid growing debate in Russia and globally regarding the future of cryptocurrencies as both financial tools and speculative assets.
The sharp upward movement marks a return to levels not seen in more than three months, sparking renewed enthusiasm — and caution — among investors. While Bitcoin has shown resilience through market volatility and global economic uncertainties, experts continue to debate its long-term utility.
Speaking on April 8, economist Vladimir Skalkin remarked that the rise of digital currencies like Bitcoin has ignited discussions around a seismic shift in global finance. Experts predict that in the future, Bitcoin could become the new world reserve currency, replacing the dollar, said Skalkin. However, he tempered this by cautioning that much of what surrounds crypto today is not a real picture, but speculation and hype.
Russia’s financial and legislative institutions are grappling with how to manage a crypto market that has ballooned beyond mere hobbyist interest. According to Taliya Khabrieva, Director of the Institute of Legislation and Comparative Law under the Government of the Russian Federation, Russian citizens have invested a staggering 10 trillion rubles (approximately $110 billion USD) in digital assets.
This level of public participation signals that the time for experimental oversight has passed, Khabrieva said. Regulation is no longer optional.
The statement comes as the Central Bank of Russia continues to express serious reservations about digital currencies. Elvira Nabiullina, the head of the Central Bank, recently proposed a strict limitation on crypto use, suggesting that transactions with cryptocurrencies be banned outside of the experimental regime. Nonetheless, she acknowledged that certain especially qualified investors would still be permitted to participate in the crypto market under regulated conditions.
This mixed messaging has left the Russian crypto landscape in a state of limbo — one where individual investment is surging while legal frameworks lag behind.
Bitcoin’s current volatility reflects a broader global trend in which digital assets are simultaneously being embraced as hedge instruments and dismissed as speculative bubbles. The recent rise in prices may be influenced by renewed interest in decentralized finance (DeFi) platforms, upcoming US interest rate decisions, and increased institutional adoption, particularly in Asia and the Middle East.
While traditional financial institutions remain skeptical, the public’s appetite appears undiminished. On platforms like Binance, Coinbase, and Kraken, trading volumes have surged in tandem with Bitcoin’s rise, indicating continued retail and institutional participation.
Yet the sharp dip shortly after the peak also highlights Bitcoin’s inherent volatility. Analysts warn that while the crypto market’s upward momentum can attract windfall profits, it also presents significant risk — especially for unregulated or under-informed investors.
