Survey: Russians Are More Interested In Investing In Crypto Assets Than Gold And Fiat Money

Russian citizens are interested in crypto investments rather than gold (CoinDesk)

JAKARTA – Crypto assets have caught the attention of many people in Russia. The appeal of cryptocurrencies has gone beyond gold and fiat money. Recent surveys have shown that Russian residents are more interested in investing in crypto assets than other assets.

Launching Bitcoin.com, the national currency is losing traction for investors in Russia, a poll conducted by the Association of Forex Dealers (AFD) revealed a surprising finding. Around 14% of respondents stated that they would invest in fiat money, while less than 9% were not interested in investing in currency or gold. The majority of 76.9 percent of respondents claimed to be more interested in buying cryptocurrencies such as Bitcoin.

While about 17% of respondents admitted to making transactions with cryptocurrencies at least once a month. 35.1% of respondents trade crypto more than once a month. While another 24.7% have not transacted crypto for more than a month and 23.1% claimed to have never made transactions related to cryptocurrencies.

A total of 77.1% revealed that they have never traded digital coins and are considering buying cryptocurrencies in the near future. While another 15.3% said they had not decided to invest in crypto. While the rest, 7.6% said they would not buy crypto at all.

The survey was conducted between 4 and 24 August with 502 respondents. More than 90% of the respondents are male with an age range of 25 to 44 years. Around 76.5% of respondents believe that the cryptocurrency market share will continue to grow in the next 5 years. About 8% of respondents expect crypto to replace cash completely.

A poll conducted in April proved that 14% of all Russians aged 18 to 65 believe that cryptocurrencies will overthrow fiat money within a decade.

The survey conducted by AFD proved another interesting fact from about 51.5% of the respondents who were asked. They decided to buy cryptocurrencies to increase their long-term savings. About 8% of respondents said they were looking for a quick profit from crypto. 22.2% of respondents chose to keep using coins to pay for goods and services because they felt that crypto assets would be negatively affected by government regulations.

Regarding regulation, most Russian investors who participated in the survey considered that regulation is important, for example to get rid of unscrupulous market participants. However, at the same time it is also evident that as many as 40.4% agree that government control should be limited. While 16% believe that crypto assets do not need any regulation. Finally, 9% of respondents still doubt that decentralized crypto assets can be controlled by the government.

This survey proves that interest in cryptocurrencies is increasing. The boom of cryptocurrencies often attracts investors from various circles, however, the volatility of cryptocurrencies is also fairly high.