Survey finds 77% of Russian buyers desire Bitcoin to gold and foreign exchange

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Cryptocurrencies like Bitcoin (BTC) are getting more and more fashionable with Russian buyers, apparently displacing conventional funding merchandise, based on a brand new survey.

Russia’s Affiliation of Foreign exchange Sellers (AFD), a neighborhood self-regulatory group targeted on the overseas trade market, polled 502 Russian buyers to search out out the native investor sentiment concerning cryptocurrencies. Launched on Aug. 31, the survey was carried out from Aug. 4 to Aug. 24, 2021.

Within the survey, almost 77% of respondents stated that cryptocurrencies like Bitcoin, Ether (ETH), and Litecoin (LTC) are the “most forward-looking” funding. Solely 8.8% of respondents indicated that they view gold as the very best funding, whereas 14% most well-liked “acquainted nationwide currencies.”

The survey additionally discovered that simply 23% of respondents have by no means used digital currencies. Out of these, greater than 77% have been contemplating investing in crypto within the close to future, whereas solely 7.6% have been strongly against getting concerned in any such funding. The remaining 15% stated that they haven’t but made a ultimate determination about whether or not to put money into crypto.

AFD head Evgeny Masharov stated that the survey has clearly demonstrated that Russian buyers now think about digital monetary belongings as an funding moderately than only a “hype product.” Final yr, a survey by the World Gold Council recommended that cryptocurrencies like Bitcoin have been the fifth-most fashionable funding device in Russia after financial savings accounts, foreign currency, actual property and life insurance coverage.

The group will ship the survey outcomes to the Financial institution of Russia and the State Duma Committee on Monetary Markets, the AFD stated.

Associated: Shopping for Bitcoin is like getting into a minefield, Financial institution of Russia exec says

Regardless of Russian buyers more and more betting on cryptocurrencies, the nation’s central financial institution continues to keep up a troublesome stance on crypto. In June, the Financial institution of Russia’s governor Elvira Nabiullina known as crypto one of the harmful funding instruments that at present exist.

Whereas skeptical about non-public cryptocurrencies, the Russian central financial institution is at present targeted on creating the digital ruble, the Financial institution of Russia’s central financial institution digital forex undertaking that’s anticipated to enter trials in 2022.