Wednesday, January 26, 2022

Survey finds 77% of Russian investors prefer Bitcoin to gold and forex

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Cryptocurrencies like Bitcoin (BTC) are getting more and more in style with Russian traders, apparently displacing conventional funding merchandise, in line with 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 traders to seek out out the native investor sentiment relating to cryptocurrencies. Released on Tuesday, the survey was carried out from Aug. 4 to Aug. 24, 2021.

Within the survey, practically 77% of respondents mentioned that cryptocurrencies equivalent to Bitcoin, Ether (ETH) and Litecoin (LTC) are the “most forward-looking” funding. Solely 8.8% of respondents indicated that they view gold as the most effective funding, whereas 14% most popular “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% mentioned that they haven’t but made a last choice about whether or not to spend money on crypto.

AFD head Evgeny Masharov mentioned that the survey has clearly demonstrated that Russian traders now think about digital monetary belongings as an funding relatively than only a “hype product.” Final 12 months, a survey by the World Gold Council prompt that cryptocurrencies like Bitcoin have been the fifth-most popular investment tool in Russia after financial savings accounts, foreign exchange, 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 mentioned.

Associated: Buying Bitcoin is like entering a minefield, Bank of Russia exec says

Regardless of Russian traders more and more betting on cryptocurrencies, the nation’s central financial institution continues to keep up a tricky stance on crypto. In June, the Financial institution of Russia’s governor, Elvira Nabiullina, known as crypto one of the most dangerous investment tools that at the moment exist.

Whereas skeptical about non-public cryptocurrencies, the Russian central financial institution is at the moment targeted on creating the digital ruble, the Financial institution of Russia’s central financial institution digital foreign money challenge that’s expected to enter trials in 2022.