According to the metrics of a recent survey, 77% of Russian investors take bitcoin or cryptocurrencies as an investment tool superior to gold. Only 9% believe that gold is a better investment option. re was also another 14% who said they believe familiar national currencies are the best option.
For a long time, people have regarded gold as the safest and most common form of investment when it comes to investing. However, the adoption of cryptocurrencies is spreading like wildfire. People are increasingly turning to them as alternative investments.
Cryptocurrency preference in Russia
Survey of the Association of Forex Traders of Russia found that about 77% of local investors considered cryptocurrencies to be the most forward-looking investment. y do not consider them an exaggeration, but a worthy investment. Furthermore, 35% of these already trade digital assets.
Another 23% had no experience with cryptocurrencies. In particular, around 80% of the participants had a plan to venture further into cryptocurrencies in the future. Only 8% had a problem with cryptocurrencies and had no plans to invest in them in the short term.
People are warming up to cryptocurrencies; there are still other investment options in Russia. However, more than 50% of the participants still opted for cryptocurrencies.
Bitcoin is the new gold
Bitcoin has a fixed supply. re are only 21 million bitcoins that can be mined and issued. Compared to the unknown supply of gold, bitcoin will hold the highest supply and demand value in the long run. In 2012, when bitcoin was only $ 1, the price of gold was $ 1,700. Fast forward to 202. While the price of a bitcoin is around $ 45,000, gold has held at $ 1,700.
Users can also verify the authenticity of Bitcoin on blockchain technology. It is a quick and easy process compared to the long and expensive gold verification process.
Bitcoin has more liquidity and the transfer from one person to another is fast. When converting gold to cash, the governing restrictions come into play quite often. On the other hand, Bitcoin is decentralized and conversion on various platforms takes a minute or less.
authorities do not support
Even with the hype surrounding cryptocurrencies among Russians, authorities think otherwise. y are treating digital assets with a hostile stance.
head of the Central Bank of Russia, Elvira Nabiullina, recently stated that cryptocurrencies are very hostile. He went on to say that they should warn investors about the high chances of loss. In addition, he said that investing in them is dangerous and citizens must be aware of what they are choosing to invest in to win.
Another official, Sergey Shvetsov, a member of the Board of Directors of the Bank of Russia, has the same perspective. He compared the risk involved in investing in cryptocurrencies with entering a minefield. When you enter a minefield, you can only trust yourself and no one can protect you. refore, the risk is too much to start companies that the Russian government does not supervise. If investors lose their money, there is nothing they can do about it.
Read also Cryptocurrencies in Germany become widespread after the enactment of the “Spezialfonds” law
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