Cryptocurrency has become the investment of choice for many people all over the world. This time, according to a poll conducted by the Association of Forex Dealers (AFD), the majority of Russians currently prefer digital assets over traditional ones. According to the survey, options such as fiat currencies and gold have fallen out of favor with the general investor population. Even potential investors (those who have 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 respondents in this group were males aged 25 to 44 years old. The respondents’ attitude toward cryptocurrencies was heavily skewed toward the positive. Because the majority of respondents predicted that cryptocurrency would continue to grow. And, according to 8% of respondents, cash will be completely replaced at some point.
Taking a Look at the Numbers
Russia has a population of 144.4 million people, and crude petroleum is the country’s primary export. Its citizens prefer crypto investing to traditional assets in their country. Only about 14% of investors preferred to invest in fiat currencies over digital assets. While 9 percent said they saw no prospects in fiat currencies and would instead invest in gold.
76.9 percent of those polled said they would rather buy cryptocurrencies than traditional assets such as fiat currency and gold. About 24.7 percent of this group expressed regret 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 those polled said they used digital currencies at least once a month. 35.1 percent reported trading cryptocurrencies more than once a month. Finally, 23.1 percent of those polled said they had never made a cryptocurrency transaction.
Investing in Cryptocurrency Over Time
An intriguing finding from this survey revealed that investors were not simply investing to make quick money. Over half (51%) of those polled said they were investing in cryptocurrency for the long term. They stated that they were investing in digital currencies to boost their long-term savings. On the other hand, only 8% of investors stated that they were investing for short-term gains.
Furthermore, 22.2 percent of those polled said 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 plans impossible.
The majority of Russian investors believe that regulations will be required to make the space safer. Others (40.4 percent) agreed that government intervention in the space should be kept to a minimum. A small percentage (16%) believe that crypto has no need for regulation. While a final (9%) believe that the government has no way of controlling digital assets.