The survey reveals that 72% of Russians have yet to buy Bitcoin
In the past, many people now in the crypto industry were not convinced to dive into Bitcoin and digital assets. Many others were not even aware of the existence of crypto assets. There was still a significant gap in knowledge about digital assets during these periods. Moreover, the tokens have little or no use in real-world transactions and operations.
But over the past few years, the adoption and acceptance of crypto assets has skyrocketed. More organizations, companies, industries and individuals are now accepting crypto-tokens for payments and settlement of bills. Some countries have even adopted crypto tokens such as Bitcoin (BTC) as part of their legal tender.
Despite the widespread spread of the use of cryptocurrencies, it is surprising to know that the majority of some countries’ populations have not joined the crypto bandwagon. For example, a recent survey in Russia shows that most of the citizens have not yet bought any cryptocurrency. This means the country is lagging behind in crypto adoption.
Russian survey reveals lag in crypto interaction
The survey on the crypto attitude of the Russian population was conducted by Tangem, a provider of crypto wallets based in Switzerland. Kommersant, a local news agency, reported the incident on August 25 and noted that the investigation aims to uncover more about Russian crypto investors.
About 2,100 respondents participated in the survey, of which 72% revealed that they have never bought any crypto assets, including Bitcoin. This figure indicates that cryptocurrency investors in Russia are significantly falling into the minority.
From the poll, there is still a great desire for potential crypto investments among the larger population. About 31% of participants revealed their willingness to buy crypto tokens in the next six months. While 30% indicated they had no plans for future crypto investment, roughly 40% said they are still unsure about their stance on crypto investing.
The survey also showed that 46% of participants appreciate cryptocurrencies with a positive mindset. On the other hand, approx. 46% a neutral disposition towards virtual assets, while approx. 9% of respondents have a negative attitude towards cryptocurrencies.
In addition, the survey highlighted the earning power of crypto investments as the most important benefit of holding the assets. It showed that approximately 44% of participants endorsed this factor as the motive for their involvement in crypto.
However, the lack of physical support for digital assets was the biggest discouragement with their investments. 68% of respondents chose this latter reason for their lack of involvement in cryptocurrency.
Russia has low awareness of bitcoin and crypto
The low level of Bitcoin and crypto awareness and education in Russia accounts for the low crypto adoption rate in the country. From the survey, only 6% of the participants have a good knowledge of cryptocurrency, of which 80% are familiar with the term.
Some professionals believe that the currency restrictions by the Bank of Russia are creating a turnaround for citizens.
Some believe that people are using Bitcoin and stablecoins to move cash out of the country. They would later cash out their money from other locations such as the United Arab Emirates or Georgia.
Featured image from Pixabay, chart from TradingView.com
