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New Survey Finds 74% of Russians are Familiar with Bitcoin

Osato Avan-Nomayo · @OsatoNomayo | Apr 09, 2019 | 15:00

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A public opinion poll in Russia has shown that only one-third of people in the country do not think Bitcoin (BTC) is a viable investment. This survey result comes as recent reports claim Russian oligarchs are buying up BTC to bypass US sanctions.

One in Three Russians Say Bitcoin is Not Viable

The Russian Public Opinion Research Center (VCIOM) on Tuesday (April 9, 2019) released the result of a public opinion poll on Bitcoin conducted in the country. According to the results,  only 36 percent of the 1,600 participants in the poll say Bitcoin investment is not profitable.

While about 576 out of the 1,600 participants might think BTC isn’t viable, unconfirmed reports suggest that Russian oligarchs are stockpiling billions of dollars in bitcoin. According to the survey, only about two percent of respondents admitted to ever having purchased the virtual currency.

Bitcoin is up more than 40 percent since the start of the year and almost 68 percent since reaching lows of $3,100 in November 2018.

Also worth noting, since US sanctions were imposed in 2014, the Russian ruble is down 100 percent against the dollar. Bitcoin, on the other hand, is up 1000 percent against the USD during the same period.

BTC Awareness Is Reasonably High in Russia

Keeping with the trend observed in other previous surveys, more than half of the respondents said they had some knowledge of Bitcoin. The results presented by VCIOM on the percentage of Russians who know about Bitcoin (56 percent), is the same recorded in a 2018 survey published by the same organization.

Also, 74 percent said they had heard about the term ‘Bitcoin’ but only nine percent admitted to having more than a basic understanding of it.

Similar to other countries like South Korea, millennials are more likely to know about Bitcoin than older generations with the highest concentration in major cities like Moscow and St. Petersburg.

Only a minor group of participants, about 12 percent, believed that the Kremlin had banned Bitcoin with 16 percent of those who claimed detailed knowledge about bitcoin also holding the same claim. However, 37 percent of the people surveyed express confidence that anyone can acquire bitcoin in Russia.

So far, the government hasn’t issued any regulations on cryptocurrency, however. Today, it is not illegal to trade BTC in the country. Meanwhile, the State Duma is in the process of establishing a legal framework for developing virtual currency rules.

Do you think the high-level of Bitcoin awareness in Russia will lead to greater BTC adoption in the country? Share your thoughts with us in the comments below.

Images via Shutterstock and Bitcoinist archives