Association of Forex Dealers – Russian’s Prefer Bitcoin More Than Gold

According to a recent study, cryptocurrency such as Bitcoin (BTC) are becoming more preferred among Russian investors, replacing conventional investment vehicles. The Association of Forex Dealers (AFD) of Russia, a domestic self-regulatory group focusing on the Forex market, surveyed 502 Russian investors to determine domestic investor attitude toward cryptocurrencies.

The poll, which was published on Tuesday, was performed from August 4 through August 24, 2021. According to the poll, cryptocurrencies like bitcoin, Ether (ETH), and Litecoin (LTC) are the “smartest and best” investment. Only 8.8% of poll participants said gold was the greatest investment, while 14% stated they favored “widely known national currencies.”

According to the study, barely 23% of participants had never utilized cryptos. Over 77% of those polled said they were thinking about investing in cryptocurrency in the upcoming weeks, with just 7.6% firmly opposed. The rest 15% stated that they had not made a clear choice on whether or not to buy cryptocurrency.

According to AFD CEO Evgeny Masharov, the study clearly shows that Russian investors increasingly see digital financial assets as an investment instead of a “hype product.” According to a World Gold Council study conductedin 2020, cryptocurrencies such as Bitcoin were the fifth-most commonly traded instrument in Russia behind bank deposits, fiat currencies, real estate, and insurance products.

According to the AFD, the group will submit the poll findings to the Bank of Russia and the State Duma Committee on Financial Markets. Regardless of the fact that Russian investors are increasingly counting on cryptocurrencies, the country’s central bank maintains a hostile stance against crypto. Elvira Nabiullina, governor of the Bank of Russia, termed cryptocurrency one of the most hazardous financial instruments available today in June.

While the Russian central bank is suspicious about private cryptocurrencies, it is presently focusing on creating the digital ruble, the Bank of Russia’s central bank digital currency initiative, which is set to begin trials next year.