Cryptocurrencies like Bitcoin (BTC) are getting increasingly popular with Russian investors, apparently displacing traditional investment products, according to a new survey.
Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, polled 502 Russian investors to find out the local investor sentiment regarding cryptocurrencies. Released on Aug. 31, the survey was conducted from Aug. 4 to Aug. 24, 2021.
In the survey, nearly 77% of respondents said that cryptocurrencies like Bitcoin, Ether (ETH), and Litecoin (LTC) are the “most forward-looking” investment. Only 8.8% of respondents indicated that they view gold as the best investment, while 14% preferred “familiar national currencies.”
The survey also found that just 23% of respondents have never used digital currencies. Out of those, more than 77% were considering investing in crypto in the near future, while only 7.6% were strongly opposed to getting involved in this type of investment. The remaining 15% said that they have not yet made a final decision about whether to invest in crypto.
AFD head Evgeny Masharov said that the survey has clearly demonstrated that Russian investors now consider digital financial assets as an investment rather than just a “hype product.” Last year, a survey by the World Gold Council suggested that cryptocurrencies like Bitcoin were the fifth-most popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance.
The organization will send the survey results to the Bank of Russia and the State Duma Committee on Financial Markets, the AFD said.
Despite Russian investors increasingly betting on cryptocurrencies, the country’s central bank continues to maintain a tough stance on crypto. In June, the Bank of Russia’s governor Elvira Nabiullina called crypto one of the most dangerous investment tools that currently exist.
While skeptical about private cryptocurrencies, the Russian central bank is currently focused on developing the digital ruble, the Bank of Russia’s central bank digital currency project that is expected to enter trials in 2022.