Bitcoin mania makes people lose their minds and lose everything they have, according to the head of the Russian Orthodox Church, Patriarch Kirill.

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“People are losing their minds. Everyone says: What am I waiting for? I have to act, I have to buy these bitcoins. And then they are buying, pawning property, selling their homes. Then, bitcoin collapses within two weeks, and people understand that they did not win anything, but lost, they lost everything they had,” the patriarch said, speaking before Russia’s Federation Council.

The Church’s task is to educate a person in such a way that he is not enslaved by passions and strives for righteous work, which must be adequately rewarded, the head of the Russian Church said.

“In such a situation, the state is called upon to protect a person from excessive risks and even direct deception," he added.

Bitcoin is almost 50 percent off its record high of $20,000, which was recorded in December. Last week, analyst Georgy Verbitsky told RT that the bitcoin collapse was caused by a sell-off triggered by professional investors, who made a profit on common folk deciding to make a last-minute investment in the hope of making a quick buck.

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