According to a new survey, the vast majority of Russian investors consider cryptocurrencies to be a more appealing investment option than traditional fiat currencies or gold. Even those who have never traded digital assets are considering purchasing cryptocurrency in the near future.
According to a recent study conducted by Russia’s Association of Forex Dealers (AFD), national currencies are losing their appeal to investors. Only a little more than 14% of respondents said they would put money into fiat currency, while 76.9% said they would rather acquire cryptocurrencies like bitcoin. Less than 9% of people don’t consider any currency as having excellent prospects, thus they’ve selected gold.
Over 17% of those polled say they trade digital currencies at least once a month, with 35.1 percent saying they do so even more frequently. Another 24.7 percent can go a month without doing anything, and less than a quarter, or 23.1 percent, have never done anything with cryptocurrency.
However, 77.1 percent of the latter set of investors, who have never traded digital coins, believe they will do so in the near future. Another 15.3 percent of those asked said they hadn’t made up their minds yet, while only 7.6 percent said they wouldn’t buy cryptocurrency at all.
The poll was conducted between Aug. 4 and 24, with 502 respondents, the majority of whom were males between the ages of 25 and 44. 76.5 percent believe that the share of digital currencies in circulation will continue to expand over the next five years, and 8% anticipate that they will totally replace cash. A study in April showed that 14% of all Russians aged 18-65 think cryptocurrency will oust fiat in a decade.
Another noteworthy conclusion from the AFD poll, as reported by Forklog, is that 51.5 percent of people surveyed decided to buy digital currencies in order to boost their long-term investments, while just 8% wanted rapid profits. 22.2 percent of respondents said they planned to use coins to pay for goods and services. They’ve also stated that the law “On Digital Financial Assets” has harmed their plans.
The majority of Russian investors who took part in the study believe that regulation is necessary, for example, to weed out dishonest market participants. At the same time, 40.4 percent believe that government control should be kept to a minimum. Almost 16% feel that cryptocurrencies do not require any restrictions, and nearly 9% doubt that decentralised digital money can ever be vulnerable to government authority.