Cryptocurrencies like Bitcoin (BTC) are becoming increasingly popular with Russian investors, apparently supplanting traditional investment products, according to a new survey.
The Russian Association of Currency Brokers (AFD), a local self-regulatory organization focused on the forex market, surveyed 502 Russian investors to find out how local investors feel about cryptocurrencies. Posted on August 31, the survey was conducted from August 4 to 24, 2021.
In the survey, nearly 77% of those polled said cryptocurrencies like Bitcoin, Ether (ETH) and Litecoin (LTC) are the “most forward-looking” investment. Only 8.8% of those polled indicated that they considered gold the best investment, while 14% preferred “familiar national currencies”.
Although Russian investors are increasingly betting on cryptocurrencies, the country’s central bank continues to maintain a firm position in crypto. In June, the Governor of the Bank of Russia, Elvira Nabiullina, called crypto one of the most dangerous investment tools in existence today.
The survey also found that only 23% of those surveyed have never used digital currency. Of these, over 77% were planning to invest 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 they have yet to make a final decision on their crypto investment.
AFD chief Evgeny Masharov said the investigation has clearly shown that Russian investors now view digital financial assets as an investment rather than just a “hype product”. Last year, a World Gold Council survey suggested cryptocurrencies like Bitcoin were the fifth most popular investment tool in Russia after savings accounts, foreign currencies, real estate, and insurance. -life.
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 Tuesday, the survey was conducted from Aug. 4 to Aug. 24, 2021.
In the survey, nearly 77% of respondents said that cryptocurrencies such as 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.
As the economy moves online, digital currencies will be the future of financial systems, according to Russia's central bank governor, Elvira Nabiullina.
There is a need for fast, cheap payment systems, and central bank digital currencies can fill that gap, she told CNBC's Hadley Gamble in an exclusive interview.
"I think it's the future for our financial system because it correlates with this development of digital economy," she said.
Moscow published a consultation paper on a digital rouble in October, and aims to have a prototype ready by the end of 2021. Pilots and trials could start next year, Nabiullina said.
That could be a concern for the U.S., according to a former U.S. Treasury official, Michael Greenwald.
"What alarms me is if Russia, China, and Iran each creates central bank digital currencies to operate outside of the dollar and other countries followed them," he told CNBC's Hadley Gamble on Wednesday. "That would be alarming."