Many Russian investors prefer Bitcoin to gold

Among Russian investors, Bitcoin ranks higher than gold and forex, according to a survey conducted by the Russian Association of Currency Brokers.

Many Russian investors prefer Bitcoin to gold

Among Russian investors, Bitcoin ranks higher than gold and forex, according to a survey conducted by the Russian Association of Currency Brokers.

In order to evaluate local investor sentiment regarding cryptocurrencies, a local self-regulatory organization surveyed 502 Russian investors.

More than 77% of respondents said Bitcoin and other cryptocurrencies are among the most "forward-looking" investments they are considering.

Bitcoin, gold, and forex appear to be attracting far different levels of interest, as the two latter options only attracted 8.8% and 14%, respectively.

Among the respondents, only 23% have never encountered digital currencies. Only 7.6% strongly opposed investing in crypto while over 77% were considering it in the near future.

In addition, 15% of Russian investors are still undecided regarding the issue. According to AFD head Evgeny Masharov, the survey confirms that digital financial assets are now viewed as genuine investments rather than merely a "hype."

As reported by the AFD, the results of the survey will be sent to the Bank of Russia and the State Duma Committee on Financial Markets.

In spite of that, Russia's central bank and regulators still take a strict stance on cryptocurrency.

A first deputy governor serving as an executive of the Bank, Sergey Shvetsov, explained the bank's policies regarding cryptocurrencies. His view is that Bitcoin can be compared to pyramid schemes.

He claimed last year the Bank of Russia did not recognize crypto purchases as investments, despite never truly supporting Bitcoin or any other cryptocurrency. To go even further, he urged Russian authorities and financial institutions to discourage their citizens from purchasing crypto assets

In August, regulators in Russia began tracking cryptocurrency transactions. In addition, the Central Bank of Russia expressed concerns about the rise in investors seeking exposure to Bitcoin, comparing the crypto asset to a minefield.

Even though the Russian central bank is skeptical about private cryptocurrencies, it is currently focused on developing its digital currency project dubbed "Digital Ruble," which will be trialed in 2022.