September 24, 2023

Survey Reveals Where Cryptocurrencies Stand in Russia

In recent years, Russia has adopted a rather welcoming approach toward the cryptocurrency mining sector.

The climate and temperature in Russia are very favorable for the cryptocurrency mining industry. Therefore, the expansion of the cryptocurrency mining industry in Russia is taking place on a very large scale.

Misperception about Cryptocurrency Adoption

As the cryptocurrency mining sector has continued growing in Russia, many have developed a misperception about the adoption of cryptocurrencies.

Many perceive that just like the thriving cryptocurrency mining sector, cryptocurrency buying, selling, and trading is also thriving.

However, the reality is that the adoption level for cryptocurrencies is not the same in Russia as in cryptocurrency mining.

There is a great difference between both segments in Russia as the people in the country are not used to or feel like interacting with cryptocurrencies on a personal level.

New Survey Results are an Eye-Opener

In July, a survey was carried out by Tangem, a crypto wallet service provider among the people in Russia. The survey has revealed that the vast majority of locals in Russia have never invested in cryptocurrencies.

The survey reveals that the people in Russia have never purchased cryptocurrencies. The attempt made by Tangem, a Swiss-based cryptocurrency wallet provider, has proven to be an eye opener for the cryptocurrency industry.

It shows that not many investors in Russia are interested to invest in cryptocurrencies.

Survey Results

The particular survey carried out by Tangem had a total of 2,100 respondents. Out of the total respondents, 71% have claimed that they have never invested or purchased any cryptocurrencies.

71% of respondents confirmed that they have never interacted with any cryptocurrencies and not even the likes of Bitcoin (BTC) or Ethereum (ETH).

This is a great indication that the cryptocurrency community in Russia is growing at a very low rate. Another major revelation is that the majority of the people in Russia are not even aware of cryptocurrencies.

This means that the exposure level of people in Russia to cryptocurrencies is very minor.

Only 28% of Investors have Invested in Cryptocurrencies

The survey also reveals that out of the total respondents, only 28% of respondents either have or are interacting with cryptocurrencies.

Of the 28% of respondents, 5% respondents confirmed that they once invested in cryptocurrencies but they stopped buying them.

The remaining 23% of respondents confirmed that they have been investing in cryptocurrencies on a monthly basis.

Investors with Positive and Negative Stance against Cryptocurrencies

The survey results also show that out of the total participants, 9% consider cryptocurrency investments to be negative.

Out of the total participant, 45% of respondents revealed having a positive stance (attitude) towards cryptocurrencies.

Then come 46% of the total respondents who have remained neutral about their stance towards cryptocurrencies.

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