Russians Prefer Bitcoin To Gold Forex

Bitcoin is becoming increasingly popular in Russia, a survey found. The Russian Association of Currency Brokers (AFD), a local self-regulatory organization that focuses on the foreign exchange (forex) market, surveyed Russian investors to gauge their perception of Bitcoin and cryptocurrencies. AFD found that the vast majority of those surveyed said they prefer bitcoin to gold and forex.

Nearly 77% of those polled in the survey said Bitcoin and cryptocurrencies are the “most forward-looking” investment on their radar. That contrasts to gold, which was picked as the best investment by only 8.8% of those surveyed. At slightly higher preference rates sit “familiar national currencies,” which amassed around 14% of those that undertook the survey.

When it comes to oblivion to Bitcoin, only 23% of the investors polled said they had never used it. However, 77% of them said they were nonetheless planning to invest in bitcoin and cryptocurrency soon. The study found that only 7.6% of those that had never used Bitcoin were strongly opposed to getting involved in the asset class. Those in doubt whether Bitcoin was worthwhile to invest in amounted to 15% of respondents.

Evgeny Masharov, AFD chief, said the survey has clearly shown that Russian investors don’t perceive Bitcoin as a “hype product” anymore but instead as a real investment. AFD will send the survey results to the Bank of Russia and the State Duma Committee on Financial Markets. Last year, a survey conducted by the World Gold Council also shed some light on Russia’s Bitcoin adoption levels, discovering that Bitcoin ranked fifth in investment vehicles’ popularity. The rising adoption and popularity of Bitcoin by the Russian people contrast the stance taken by their government, which has been following a European trend of totalitarian views.

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