Survey finds 77% of Russian buyers favor Bitcoin to gold and foreign exchange
Cryptocurrencies like Bitcoin (BTC) are getting more and more common with Russian buyers, apparently displacing conventional funding merchandise, in response to a brand new survey.
Russia’s Association of Forex Dealers (AFD), an area self-regulatory group targeted on the overseas exchange market, polled 502 Russian buyers to search out out the native investor sentiment concerning cryptocurrencies. Released on Aug. 31, the survey was performed from Aug. 4 to Aug. 24, 2021.
In the survey, almost 77% of respondents stated that cryptocurrencies like Bitcoin, Ether (ETH), and Litecoin (LTC) are the “most forward-looking” funding. Only 8.8% of respondents indicated that they view gold as the most effective funding, whereas 14% most well-liked “familiar national 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 one of these funding. The remaining 15% stated that they haven’t but made a closing 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 contemplate digital monetary belongings as an funding moderately than only a “hype product.” Last yr, a survey by the World Gold Council recommended that cryptocurrencies like Bitcoin have been the fifth-most common funding instrument in Russia after financial savings accounts, foreign currency echange, actual property and life insurance coverage.
The group will ship the survey outcomes to the Bank of Russia and the State Duma Committee on Financial Markets, the AFD stated.
Related: Buying Bitcoin is like getting into a minefield, Bank of Russia exec says
Despite Russian buyers more and more betting on cryptocurrencies, the nation’s central financial institution continues to take care of a troublesome stance on crypto. In June, the Bank of Russia’s governor Elvira Nabiullina referred to as crypto some of the harmful funding instruments that presently exist.
While skeptical about personal cryptocurrencies, the Russian central financial institution is presently targeted on growing the digital ruble, the Bank of Russia’s central financial institution digital currency challenge that’s anticipated to enter trials in 2022.