A survey conducted by the Association of Forex Dealers (AFD) on a sample of 500 Russian investors has revealed that some 77% prefer to invest in Bitcoin, Ethereum or Litecoin rather than gold.
The survey: Russian investors crazy for Bitcoin
The analysis was conducted by AFD to document Russian investors’ interest in digital currencies and finance in general. The sample consisted of 502 respondents, 90% of whom were men between the ages of 25 and 44.
In one question, respondents were explicitly asked which were the most promising currencies to invest in today. 76.9% said cryptocurrencies, including Bitcoin, Ethereum and Litecoin, while only 8.8 % said they preferred gold.
Digital currencies to boost savings
According to the analysis, 23% of respondents have never traded cryptocurrencies. However, 77% plan to start soon. Only 7% of respondents said they would not undertake this type of investment.
Respondents were also asked why they chose cryptocurrencies. Half (51.1%) said they saw digital currencies as a real possibility to increase their savings.
On the issue of regulation, 60.8% of respondents said that a change in regulation would only increase interest in digital currencies rather than discourage it.
Another noteworthy finding is that 76.5% believe that in five years’ time, digital currencies will not replace cash, but their capitalization will increase year on year.
Finally, of those who believe cryptocurrencies are set to grow, 77% believe this is due to the costs of globalization and distrust of traditional financial institutions.
Eugene Masharov, head of AFD, with respect to digital currencies, said:
“Investors who want to work with supervised financial institutions look at this type of business specifically as an investment. It is also revealing that more than half of the respondents invest in digital assets to increase their savings, despite the large number of various short-term projects in this area”.