A Russian organization conducted a study among crypto investors. The results were positively surprising. And paint a hopeful picture for the crypto scene in Russia.
The Association of Forex Dealers conducted one of two planned studies in early August. What emerged was a positive picture for the crypto investment scene in Russia. The first survey looked at investor attitudes towards digital currencies (e.g. Bitcoin) and sustainable financial investments. In this context, Russian investors were asked about their backgrounds and ideas for the future. A second survey will then be started in September, which will also deal with the factors and criteria for investment decisions.
Current status of digital currencies
Specifically, 35 percent of the study participants were already invested in cryptocurrencies in August. That is a relatively high proportion. According to a French study, most European countries come to just 8 percent, with Turkey being the front runner among crypto holders with over 20 percent.
In contrast, the number of potential crypto investors is also exciting. Around 80 percent of Russians plan to invest in cryptocurrencies in the near future. This number is also comparatively high. If you take the results of the French study, even in a very crypto-friendly country like Turkey, only 45 percent of those surveyed plan to invest in cryptocurrencies.
Reasons for an investment in Bitcoin and Co.
Behind every investment there is a purchase decision, no matter how trivial. For more than 50 percent of the study participants, the background was the hope associated with the investment that the savings would grow – in other words, pure profit speculation. The second most common reason to buy is also interesting: 22.2 percent actually intended to pay with crypto currencies. In the end, that didn’t work out because the CFA law thwarted them. In Russia, owning cryptocurrencies is allowed, but trading is not. So you cannot (yet) pay with Bitcoin.
Will digital currencies replace cash?
When it comes to the question of whether cryptocurrencies will replace cash, the vast majority are very skeptical. A full 76.5 percent believe that digital currencies will not replace cash in the next five years, but their performance will continue to be positive. Eight percent, on the other hand, are fully convinced of cryptocurrencies and a golden future – in less than five years, according to them, cryptocurrencies will already have replaced traditional cash. And six percent will certify that the vortex surrounding digital money will end in five years.
Bitcoin, Fiat or Gold?
When it comes to the question of how to invest your money, the investment minds are divided. But the Russian study participants were fairly unanimous on this point. When asked which currency to invest in: gold, bitcoin or national fiat money, a whopping 76.9 percent decided in favor of bitcoin and other cryptocurrencies as the most promising investment vehicle. Gold is the only real thing – 8.8 percent of the study participants were convinced of this. Only 14.3 percent bet on fiat currencies such as the ruble.
Russian authorities’ view of digital currencies
According to the study, the Bank of Russia has recommended Russian authorities not to offer their customers digital assets or other products that are linked to digital currencies. This is to protect the interests and rights of consumers. The study participants also agree on this: 60.8 percent categorically refused to allow the central bank to intervene in this matter. 25.7 percent agreed with the authorities and 6.4 percent did not care.
Structure of the study
The structure of the study is also interesting and informative about the extent to which it is relevant for Russia as an overall market. Because 90 percent of those surveyed are male. The age range is between 24 and 44 years. The majority of the participants saw digital assets not as short-term “hype” but as an investment with a longer-term background.