According to a brand new survey, cryptocurrencies like Bitcoin (BTC) have gotten more and more fashionable with Russian investors and seem to be changing conventional funding merchandise.

The Association of Foreign Exchange Traders of Russia (AFD), a neighborhood self-regulatory group centered on the foreign exchange market, surveyed 502 Russian investors to discover investor sentiment. The survey, printed on August 31, was carried out from August 4 to August 24, 2021.

In the survey, nearly 77% of respondents stated that cryptocurrencies comparable to Bitcoin, Ether (ETH), and Litecoin (LTC) are the “most forward-looking” investments. Only 8.8% of these surveyed stated gold as one of the best funding, 14% prefer the “familiar local currency.”

The survey additionally shows that solely 23% of respondents have by no means used digital currencies. Among them, greater than 77% are contemplating investing in cryptocurrencies within the close to future, whereas solely 7.6% are vehemently opposed to collaborating on this sort of funding. The remaining 15% say they do not have to make an ultimate resolution on whether or not to put money into cryptocurrencies simply.

AfD boss Evgeny Masharov stated the survey had proven that Russian investors view digital monetary property as funding and not only a “hype product.” Last 12 months, a study by the World Gold Council discovered that cryptocurrencies like Bitcoin had been the fifth hottest funding car in Russia after financial savings accounts, foreign exchange, actual property, and life insurance coverage.

The institute will ship the survey outcomes to the Russian central financial institution, and the State Duma’s monetary market committee stated the AfD.

Related: Buying Bitcoin is like stepping right into a minefield, says the CEO of Bank of Russia.

Although Russian investors are increasingly turning to cryptocurrencies, the nation’s central financial institution continues to keep a tough stance on cryptocurrencies. In June, the governor of the Russian major financial institution Elvira Nabiullina described cryptocurrencies as one of the most harmful funding devices.

While the Central Bank of Russia is skeptical of private cryptocurrencies, it’s at present centered on creating a digital ruble, and the Central Bank of Russia’s digital foreign money challenge is predicted to be put to the check-in 2022.

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