Bitcoin is superior to gold according to 77% of Russian investors: survey

[ad_1]

According to a recent survey, around three quarters of Russian investors consider cryptocurrencies to be a better investment tool than gold. Less than 9% think the precious metal is superior, while 14% think familiar national currencies “are the best choice.

Russians prefer crypto to gold

Residents of the largest country by landmass seem to have a high opinion on digital assets. Recent research by the Russian Association of Forex Brokers (AFD) found that around 77% of local investors see them as the most forward-looking investment.

“Familiar national currencies” rank second among preferred financial instruments, garnering 14% of the vote. Interestingly, only 8.8% chose gold, which many see as the safest asset for a store of value and a safe haven.

Evgeny Masharov – AFD chief – stressed that Russian investors currently view cryptocurrencies as an investment, “not a hype product”. He added that 35% of survey participants are active digital asset traders.

23% responded that they had 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 participate in this type of investment.

Masharov added that while there are many choices for storing your money in Russia, over 50% of investors choose digital currencies as their savings option:

“Also revealing 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 diverse and ephemeral projects in this area. “

Russian authorities disagree

While most local investors are fond of cryptocurrencies, many Russian officials have taken a rather hostile stance towards the asset class.

For example, Elvira Nabiullina, head of the central bank of Russia, recently claimed that bitcoin and altcoins are very volatile and warned investors to beware of appalling losses. She went further, declaring that investing in them is more dangerous than any other option.

In turn, Sergey Shvetsov, a member of the board of directors of the Bank of Russia, expressed even higher skepticism. He argued that investing in crypto is so risky that it can be compared to stepping into 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 just be withdrawn, and there is nothing you can do about it.

SPECIAL OFFER (Sponsored) Binance Futures 50 USDT Voucher FREE: Use this link to sign up and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 50% free bonus on any deposit up to 1 BTC.

[ad_2]