According to a recent survey, around three-quarters of Russian investors consider cryptocurrencies a better investment tool than gold. Less than 9% opined that the precious metal is superior, while 14% believe “familiar national currencies” are the best choice.
Russians Prefer Crypto Than Gold
The residents of the largest country by landmass seem to have a high opinion on digital assets. A recent research conducted by Russia’s Association of Forex Dealers (AFD) revealed that around 77% of the local investors find them the “most forward-looking” investment.
“Familiar national currencies” ranked second as a preferable financial instrument, taking 14% of the votes. Interestingly, only 8.8% picked gold, which many consider the most secure asset for a store of value and a safe haven.
Evgeny Masharov – the man in charge of the AFD – pointed out that Russian investors currently consider cryptocurrencies as an investment, “not a hype product.” He added that 35% of the survey participants are active digital asset traders.
23% answered they have no experience with cryptocurrencies. However, 80% of them plan to enter the market in the future. Less than 8% of all participants said they would never involve in this type of investment.
Masharov added that even though there are plenty of choices to store your money in Russia, more than 50% of the investors pick digital currencies as a savings option:
“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.”
Russian Authorities Disagree
While most local investors are keen on cryptocurrencies, numerous Russian officials demonstrated a rather hostile stance against the asset class.
For example, Elvira Nabiullina – the Chief of Russia’s Central Bank – recently asserted that bitcoin and the altcoins are very volatile and warned investors to be wary of ”appalling” losses. She went further, stating that investing in them is more dangerous than any other option.
In his turn, Sergey Shvetsov – a member of the Bank of Russia Board of Directors – expressed even higher skepticism. He argued that investing in crypto is so risky that it can be compared to entering a minefield:
“When buying Bitcoin, a person enters a minefield, and there is no one to rely on besides himself, and no one can protect him. There is no need to walk where you are not protected by the Russian Federation, where your money would be simply taken away, and you will not be able to do anything about it.”