New Survey: 77% of Russian Investors Expressed a Preference for BTC Instead of Gold and Forex
Throughout history, gold has been seen as the best means of wealth accumulation and a store of value. Nevertheless, the era of digitalization has offered its own alternative, which exceeds the traditional asset's parameters. This is evidenced by a recent survey, according to which 77% of Russian investors consider cryptocurrency the most promising investment. Let's dwell a bit on this.
Now investors from the Russian Federation perceive the digital currency as an investment vehicle, not just as a "hype project", said Eugene Masharov, the head of the Association of Forex Dealers. According to a new study, an asset without a physical form is growing in popularity among investors from Russia, undoubtedly "crowding out" usual investment products.
AFD, a non-profit self-regulating organization in the field of the financial market, uniting Forex dealers, conducted a survey among 502 Russian investors to gauge public perception of a new generation of money. The study published on Tuesday was conducted from August 4 to August 24, 2021.
In the survey, almost 77% of participants think that digital coins such as BTC, ETH, and LTC are the “most progressive" investments. Only 8.8% of respondents expressed a preference for gold, while 14% chose the usual national currencies.
It was also revealed that only 23% of participants have never used decentralized money, and of these more than 77% are thinking about crypto investments in the not-too-distant future. Only 7.6% strongly objected to these investments. The remaining 15% are in two minds about whether to invest in an alternative to fiat or not.
Eugene Masharov stressed that this survey is living proof that Russian-based investors have changed their attitude to magic Internet money. Last year, according to the World Gold Council, cryptocurrencies such as BTC took the fifth position among popular investment instruments in RF after savings accounts, foreign currency, real estate, and insurance.
The results of the recent survey will be sent to the Bank of Russia and the State Duma Committee on Financial Markets, as reported by AFD.
Despite the fact that Russian investors are regularly counting on digital coins, the central bank of the country still has a tougher line on them. In June, Elvira Nabiullina, head of the Central Bank of Russia, called crypto the most dangerous type of investment. In her opinion, it is better to use bank deposits. Fortunately, some governments are more loyal to the decentralized super-organism (a list of the crypto-friendly countries is in our article).
Being skeptical of private cryptocurrencies, the Central Bank of the Russian Federation is focused on the concept of the digital ruble, an additional form of the national currency that will have combined characteristics of both cash and non-cash rubles. The testing is expected to start next year.
Cryptocurrency has long come into use in financial activity. There's no use fighting it. On the contrary, it is time for the state to reckon with an “obscure-digital money surrogate that nobody cares about".
Well, for all those who do not share the position of the government and see themselves as an investor in the crypto market, we remind you: Equite is always ready to help you choose a potentially interesting trader for cooperation (find out what qualities he should have here). Follow the link where you can find out more about it.