Cryptocurrency has become the investment of choice for many people all around the world. According to a research conducted by the Association of Forex Dealers (AFD), the majority of Russians currently choose digital assets over traditional ones. According to the report, choices such as fiat currencies and gold have fallen out of favour with the general investor population. Even potential investors (those who had never traded cryptocurrency before) stated that they were considering doing so.
The poll was conducted in the month of August. Between August 4th and August 24th, a total of 502 people responded. Over 90% of the responses in this group were males aged 25 to 44 years old. The respondents’ attitude about cryptocurrency was heavily skewed toward the favourable. Because the majority of respondents predicted that cryptocurrency will continue to expand. And, according to 8% of respondents, currency will be fully replaced at some point.
76.9 percent of those polled stated they would rather buy cryptocurrency than traditional assets such as fiat currency and gold. About 24.7 percent of this group expressed regret that they may not carry out bitcoin trades in a month but never spend more than three months without carrying out a trade. Over 17% of those polled said they used digital currency at least once a month. 35.1 percent reported trading cryptocurrency more than once a month. Finally, 23.1 percent of those asked said they have never made a cryptocurrency transaction.
An intriguing conclusion from this survey revealed that investors were not merely investing to make quick money. Over half (51%) of those asked stated they were investing in cryptocurrency for the long run. They stated that they were investing in digital currencies to boost their long-term savings. On the other hand, just 8% of investors stated that they were investing for short-term gains.
Furthermore, 22.2 percent of those asked stated they obtained their coins in order to use digital currencies to pay for goods and services. However, the law “On Digital Financial Assets” made these ideas impracticable.
The majority of Russian investors believe that the space will need regulations to make it safer. While others (40.4%) said that government intervention in space should be very limited. A small percentage (16%) believe that crypto does not need any regulations. While a final (9%) do not even believe that there is any way in which the government can control digital assets.