Cryptocurrencies step-by-step became part of the modern world, as more and more people are ready to invest in cryptocurrencies. Based on the new report released by the World Gold Council, cryptocurrency investment is one of the most popular investment tools in Russia. This report shows that Russian investors are investing in cryptocurrencies.
Let’s have a look at this report to learn more about cryptocurrency investments in the country. It is worth mentioning that, cryptocurrency is currently the fifth-most popular investment tool in Russia. Importantly, the World Gold Council is a major market development organization for the gold industry. Moreover, the council released a report on retail gold insights in Russia on October 20.
The most popular investment tool in Russia and the first place belongs to savings accounts. The second place belongs to foreign currencies, followed by real estate and life insurance. Notably, as part of the World Gold Council’s rankings of Russian investments made in the past 12 months, cryptocurrency is followed by gold. In the case of cryptocurrency, it accounted for 17%, and gold for 16%.
World Gold Council and Russian investors
It is worth mentioning that, the report is based on a survey of 2,023 online interviews with investors from cities across Russia. Importantly, the respondents are active investors. It means they made at least one investment in the 12 months preceding the survey.
Importantly, when it comes to the popularity of cryptocurrencies among Russian investors, the first place belongs to Bitcoin. Moreover, gold has not yet established itself as a mainstream investment asset due to a lack of education as well as trust.
Interestingly, despite the fact that cryptocurrencies represent a relatively risky investment, investors are investing in cryptocurrencies. This could be a sign of growing demand for new investment products, and people are ready to use this opportunity.
Moreover, the rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors. People should take into consideration that, Russia is one of the major jurisdictions investing in Crypto.
Furthermore, Russia is in second place in the world when it comes to crypto adoption after Ukraine according to the Global Crypto Adoption Index 2020. This fact once more underlines the importance of cryptocurrencies in the country. Russian authorities should work with experts as well as investors, enthusiasts to make the country more attractive for local and foreign investors. Cryptocurrencies have the potential to make lives easier for the local population.