Survey: 77% of Russians Would Invest In Crypto Over Traditional Assets
The Association of Forex Dealers’ (AFD) recent survey found the majority of Russians currently favor digital assets over traditional ones. The survey showed that options like fiat currencies or gold had fallen out of favor with the wider investor population. Even potential investors (people who have never traded crypto before) said they were already thinking of buying into crypto.
The poll was carried out in the month of August. Between August 4th and August 24th, with a total of 502 respondents. Of this group, over 90% of the respondents were males in the age range of 25 to 44 years old. The sentiment of the respondents towards cryptocurrencies was greatly skewed towards the positive. Since most of the respondents said they believed that crypto would continue to grow. And at some point, said 8% of the respondents, will replace cash completely.
Russia has a population of 144.4 million people, with crude petroleum being the primary export for the country. Its citizens are picking crypto investing over these traditional assets of their country. The number of investors who chose to invest in fiat currencies over digital assets came out to only about 14%. While 9% said that they did not see any prospects in fiat currencies and hence would choose gold to invest in.
76.9% said that they would rather buy cryptocurrencies rather than traditional assets like fiat currency and gold. Of this number, about 24.7% sad that they may not carry out cryptocurrency trades in a month but never go more than three months without carrying out a trade. Over 17% of people revealed that they transacted with digital currencies once a month. 35.1% revealed that they traded cryptocurrencies more than once a month. Finally, 23.1% of the polled respondents revealed that they have never performed any crypto transaction.
An interesting finding from this survey showed that the investors were not simply investing to make some quick gains. Over half (51%) of the polled investors said that they were investing in crypto for the long term. They expressed that they were investing in digital currencies in order to increase their long-term savings. On the opposite side of this were investors who said they were investing to make quick gains were only 8%.
Additionally, 22.2% of the polled investors said that they got their coins in order to pay for goods and services with digital currencies. But these plans were made impossible by the law “On Digital Financial Assets.”
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 the 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.
Evgeny Masharov, head of AFD said:
“Investors wishing to work with supervised financial institutions look at this type of asset as an investment, not a hype product. At the same time, the share of active traders is 35% of the respondents, and out of 23% who answered ‘Never, about 80% plan to purchase them in the future. Also indicative is the fact that more than half of the respondents invest in digital assets in order to increase their savings, despite the large number of various short-lived projects in this area.”
