Many Russian Investors Believe Cryptocurrency Could Replace Fiat Investments: AFD Poll

Azeez Mustapha
2 September 2021 | Updated: 2 September 2021

According to a recent poll by the Association of Forex Dealers (AFD), a significant percentage of Russian investors have lost interest in national currencies as interest in digital assets surge.

The AFD reported that only about 14% of participants in the survey opted for fiat Investment, while a whopping 76.9% of investors opted for cryptocurrencies like Bitcoin. The remaining 9% opted for Investment in gold.

The poll also revealed that 17% of the subjects transacted with digital currencies at least once a month, and 35.1% traded crypto regularly. 24.7% noted that they could go between a month and less than a quarter without using crypto, while 23.1% have never facilitated crypto transactions.

However, 77.1% of investors who have never traded crypto noted that they were open to the idea of it. Another 15.3% indicated that they had not concluded the matter yet, while 7.6% voted categorically against purchasing crypto.

The study occurred between August 4 and 24 among 502 participants, with more than 90% of the subjects being males within the age bracket of 25 to 44. That said, 76.5% of all participants believe that the number of crypto-assets in circulation will continue to rise over the next five years, while 8% of the group expect digital currencies to replace fiat completely. Another study in April revealed that 14% of all Russian adults between the ages of 18 and 65 believe cryptocurrency will replace fiat currency in a decade.

Some Russian Investors Do Not Believe in Cryptocurrency Regulation

The AFD poll also revealed a notable finding noting that 51.5% of all participating investors bought cryptocurrencies intending to boost their long-term savings, while only 8% have short-term profit-making intentions. Meanwhile, 22.2% of crypto investors in the survey intend to use the coins to pay for goods and services. However, they noted that this plan got negatively affected by the “On Digital Financial Assets.”

While most investors believe that regulation is critical in the sector to expel ill-intentioned players and institute other positive factors, 16% of surveyed investors believe that the industry does not require any regulatory framework whatsoever.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.