Survey Reveals 72% of Russians Haven’t Purchased Bitcoin Yet

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Survey Reveals 72% of Russians Haven’t Purchased Bitcoin Yet

Previously, many people currently working in the crypto industry were unconvinced to dive into the Bitcoin space and digital assets. Many others were not even aware of the existence of crypto assets. There was still a considerable gap in the knowledge of digital assets during these periods. Also, tokens have little to no use in real-world transactions and operations.

But over the past few years, the adoption and acceptance of crypto assets has skyrocketed. Several organizations, businesses, industries, and individuals are now accepting crypto tokens for payments and bill settlement. Some countries have even adopted the use of crypto tokens such as Bitcoin (BTC) as part of their legal tender.

Despite the widespread use of cryptocurrencies, it is surprising to know that the majority of populations in some countries have not joined the crypto bandwagon. For example, a recent survey in Russia shows that most of its citizens have yet to purchase cryptocurrency. This means the country is lagging behind in crypto adoption.

Russian Investigation Reveals Lag in Crypto Interaction

The survey of the crypto position of the Russian population was conducted by Tangem, a crypto wallet provider based in Switzerland. Kommersant, a local news agency, reported the event on August 25 and noted that the investigation was aimed at finding out more about Russian crypto investors.

Around 2,100 respondents took part in the survey, 72% of whom revealed that they had never purchased any crypto assets, including Bitcoin. This figure indicates that cryptocurrency investors in Russia fall significantly into the minority.

Survey Reveals 72% of Russians Haven't Purchased Bitcoin Yet
Source: Tangem

According to the survey, there is still a great desire for potential crypto investment among the general population. About 31% of participants revealed their willingness to buy crypto tokens in the next six months. While 30% said they had no plans for future crypto investments, around 40% said they were still unsure of their stance on crypto investing.

Additionally, the survey revealed that 46% of participants value cryptocurrencies with a positive mindset. On the other hand, around 46% have a neutral disposition towards virtual assets, while around 9% of respondents have a negative stance towards cryptocurrencies.

Moreover, the investigation highlighted the earning power of crypto investments as the main benefit of having the assets. It showed that around 44% of participants supported this factor as a motive for engaging in crypto.

However, the lack of physical support for digital assets was the main disincentive to their investment. 68% of respondents chose the latter reason for their non-involvement in cryptocurrency.

Russia Has Low Bitcoin and Crypto Awareness

The low level of Bitcoin and crypto awareness and education in Russia explains the low rate of crypto adoption in the country. According to the survey, only 6% of participants have a good knowledge of cryptocurrency, with 80% barely knowing the term.

Survey Reveals 72% of Russians Haven't Purchased Bitcoin Yet
Bitcoin following a downtrend l BTCUSDT on TradingView.com

Some professionals believe that the currency restrictions imposed by the Bank of Russia are creating a turnaround for citizens.

Some believe that people use Bitcoin and stablecoins to move money out of the country. They would later withdraw their funds from other places like the United Arab Emirates or Georgia.

Featured image from Pixabay, chart from TradingView.com

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