An overwhelming majority of Russian investors see cryptocurrencies as a more attractive investment proposition than traditional fiat currencies or gold, according to a new survey. Even among those who have never traded digital assets, most are already thinking of buying crypto in the near future.
Crypto is the promising opportunity for Russian investors
National currencies are becoming less attractive for investors in Russia, according to a recent survey by the National Association of Forex Traders (AFD). Just over 14% of respondents said they would invest money in fiat, while an overwhelming majority of 76.9% would rather buy cryptocurrencies like Bitcoin. Less than 9% do not see good prospects in any currency and have opted for gold.
Over 17% of survey participants trade digital currencies at least once a month and 35.1% trade crypto even more frequently. Another 24.7% can skip a month and less than a quarter or 23.1% have never performed crypto transactions.
However, 77.1% of the latter group of investors who have never traded digital coins are considering purchasing cryptocurrencies in the near future. Another 15.3% of respondents admitted they had not yet made a final decision on the matter, and only 7.6% said they would not buy any cryptocurrencies at all.
The survey was conducted between August 4th and August 24th of 502 respondents, more than 90% of whom were men between the ages of 25 and 44. An impressive 76.5% of them believe the proportion of digital currencies in circulation will continue to increase over the next five years and 8% expect them to replace cash entirely. A study in April showed that 14% of Russians aged 18 to 65 believe the cryptocurrency will oust Fiat in a decade.
Another interesting finding from the AFD poll cited by Forklog is that over half of the investors surveyed, 51.5%, chose to buy digital currencies to increase their long-term savings, while those who wanted quick profits only 8% are. 22.2% of respondents who intended to use coins to pay for goods and services. They have also admitted that their plans have been negatively impacted by the “On Digital Financial Assets” Act.
Most of the Russian investors who took part in the survey share the opinion that regulation is important, for example to weed out unscrupulous market participants. At the same time, however, 40.4% said that state control should be as minimal as possible. Almost 16% believe that cryptocurrencies do not require any regulation and almost 9% doubt that decentralized digital money can even be subjected to state control.
Do you agree with Russian investors that crypto assets are the most promising investment opportunity? Let us know in the comments section below.
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