In a recent interview, the Winklevoss Twins – two of the most prominent names in the global cryptocurrency sphere – revealed that they invested heavily in Bitcoin when it was trading at about $9. This means that anything that was bought for 1 Bitcoin at the time has probably multiplied 9,000x, if you choose to look at it that way. Another person that seems to fall comfortably into this category is a very prominent figure in Russia’s financial climate.

Gref and his Bitcoin T-Shirts

Herman Gref is currently the CEO of Sberbank, which is the country’s biggest state-owned banking and financial services company. Since he was also Russia’s Minister of Economy, Gref is obviously not a finance newbie and also knows a little something about crypto.

Recently, Gref revealed during an interview that in the early days of cryptocurrency, he tried his hands on Bitcoin even using it to buy a few shirts. The catch now is that at the time of purchase, Gref paid for the T-shirts in Bitcoin when one coin was worth between $1 and $5. Today, Bitcoin is valued over $9000 meaning that in retrospect, the former minister spent an arm and a leg on just a few T-Shirts.

Since it was such a long time ago, Gref admits that he’s not sure what exactly happened to those T-shirts and explained that he doesn’t look back on the buy with any remorse at all. He also added that he lost some funds when he lost his private wallet keys some time ago but discussing the losses now, especially with all the growth and development crypto has seen, Gref is still far from distraught about it, suggesting that he wasn’t the best participant in the game.

“It’s like a casino and I am not a casino player.”

Bitcoin Might Never Be A Store of Value

Most Bitcoin enthusiasts believe that Bitcoin is a good medium of exchange, making the internet of money easier and also a great store of value, especially as Bitcoin, is already offering better returns than gold. Gref, however, agrees that Bitcoin is a great way to handle transactions but disagrees that it can work as a store of value. According to him, Bitcoin and altcoins might never become the store of value everyone hopes it would be because no government would let any properly decentralized cryptocurrency grow so much that it undermines the power of their fiats.

This is an opinion that has been aired by some government officials in countries like the U.S. and China. Gref has earlier expressed his opinion that the earliest time any country would fully support any entirely decentralized cryptocurrency would be another ten years.

We Should Focus on Blockchain Technology

There are many applications for blockchain technology all over the world and even people who are less than enthusiastic about cryptocurrency, in particular, agree with this. The Sberbank CEO thinks that blockchain technology will have amazing potential and provide serious solutions to many different sectors but adds that at the moment, the technology is not ready for proper adoption.

No More Crypto for Sberbank

Sberbank had a few cryptocurrency projects it was working on but had to abandon them, especially since the Central Bank of Russia wasn’t very enthusiastic. According to Gref:

“We never had any extraordinary plans for cryptocurrency projects and never imposed digital money upon our customers. We just followed the trend. However, I am glad that the hype has gone, making way to the blockchain technology development.”

Last month, Sberbank publicly disclosed their decision to discontinue any cryptocurrency projects it was working on. One of the reasons for this was that the regulation/legislation for digital assets and its trading activities were unclear and wouldn’t have been clarified anytime soon.

Elvira Nabiullina, the governor of Russia’s Central Bank, clearly said last month that the apex bank wasn’t in support of cryptocurrency. According to her, trades and transactions with other countries are still better handled with fiat.

The views and opinions expressed in the article Russia’s Former Minister’s Bitcoin T-Shirts Would Have Been Worth $9,000 do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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