Crypto has grown to be the investment of choice for a lot of people across the globe. This time, a poll carried out by the Association of Forex Dealers (AFD) has found the majority of Russians currently favor digital assets over traditional ones. The survey showed that options like fiat currencies or gold had fallen out of favor with the wider investor population. Even potential investors (people who have never traded crypto before) said they were already thinking of buying into crypto.
The poll was carried out in the month of August. Between August 4th and August 24th, with a total of 502 respondents. Of this group, over 90% of the respondents were males in the age range of 25 to 44 years old. The sentiment of the respondents towards cryptocurrencies was greatly skewed towards the positive. Since most of the respondents said they believed that crypto would continue to grow. And at some point, said 8% of the respondents, will replace cash completely.
Breaking Down The Numbers
Russia boasts a population of 144.4 million people, with crude petroleum being the primary export for the country. Its citizens are picking crypto investing over these traditional assets of their country. The number of investors who chose to invest in fiat currencies over digital assets came out to only about 14%. While 9% said that they did not see any prospects in fiat currencies and hence would choose gold to invest in.
Of the respondents polled, 76.9% said that they would rather buy cryptocurrencies rather than traditional assets like fiat currency and gold. Of this number, about 24.7% sad 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 people revealed that they transacted with digital currencies once a month. 35.1% revealed that they traded cryptocurrencies more than once a month. Finally, 23.1% of the polled respondents revealed that they have never performed any crypto transaction.
Investing In Crypto For The Long Term
An interesting finding from this survey showed that the investors were not simply investing to make some quick gains. Over half (51%) of the polled investors said that they were investing in crypto for the long term. They expressed that they were investing in digital currencies in order to increase their long-term savings. On the opposite side of this were investors who said they were investing to make quick gains were only 8%.
Total crypto market corrects upwards after crash | Source: Crypto Total Market Cap on TradingView.com
Additionally, 22.2% of the polled investors said that they got their coins in order to pay for goods and services with digital currencies. But these plans were made impossible by the law “On Digital Financial Assets.”
The majority of Russian investors believe that the space will need regulations to make it safer. While others (40.4%) said that government intervention in the space should be very limited. A small percentage (16%) believe that crypto does not need any regulations. While a final (9%) do not even believe that there is any way in which the government can control digital assets.
Featured image from Analytics Insight, chart from TradingView.com