Cryptocurrencies like Bitcoin (BTC) are getting more and more standard with Russian buyers, apparently displacing conventional funding merchandise, in line with a brand new survey.

Russia’s Affiliation of Foreign exchange Sellers (AFD), an area self-regulatory group targeted on the international alternate market, polled 502 Russian buyers to seek out out the native investor sentiment concerning cryptocurrencies. Released on Tuesday, the survey was carried out from Aug. 4 to Aug. 24, 2021.

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Within the survey, practically 77% of respondents mentioned that cryptocurrencies corresponding to Bitcoin, Ether (ETH) and Litecoin (LTC) are the “most forward-looking” funding. Solely 8.8% of respondents indicated that they view gold as the perfect funding, whereas 14% most well-liked “acquainted nationwide currencies.”

The survey additionally discovered that simply 23% of respondents have by no means used digital currencies. Out of these, greater than 77% have been contemplating investing in crypto within the close to future, whereas solely 7.6% have been strongly against getting concerned in this sort of funding. The remaining 15% mentioned that they haven’t but made a last choice about whether or not to put money into crypto.

AFD head Evgeny Masharov mentioned that the survey has clearly demonstrated that Russian buyers now think about digital monetary property as an funding reasonably than only a “hype product.” Final yr, a survey by the World Gold Council recommended that cryptocurrencies like Bitcoin have been the fifth-most popular investment tool in Russia after financial savings accounts, foreign currency, actual property and life insurance coverage.

The group will ship the survey outcomes to the Financial institution of Russia and the State Duma Committee on Monetary Markets, the AFD mentioned.

Associated: Buying Bitcoin is like entering a minefield, Bank of Russia exec says

Regardless of Russian buyers more and more betting on cryptocurrencies, the nation’s central financial institution continues to keep up a tricky stance on crypto. In June, the Financial institution of Russia’s governor, Elvira Nabiullina, referred to as crypto one of the most dangerous investment tools that at present exist.

Whereas skeptical about non-public cryptocurrencies, the Russian central financial institution is at present targeted on growing the digital ruble, the Financial institution of Russia’s central financial institution digital foreign money venture that’s expected to enter trials in 2022.