Skip to main content

Survey: 14% of Russians Think Cryptocurrencies Will Oust Fiat in 10 Years

Survey: 14% of Russians Think Cryptocurrencies Will Oust Fiat in 10 Years

A new survey revealed the different stances of Russians toward cryptocurrencies and fiat currency. Specifically, some of the respondents believe digital assets will replace fiat in ten years.

Residents in Moscow Believe Cryptos Will Replace Fiat, While Others Are Skeptical

According to Nord News, the research was conducted by Otkritie Bank, a Moscow-based financial institution and one of the top ten banks in the country. It found that 14% of the 1,000 surveyed had an optimistic belief in digital currencies and the future years ahead.

The bank collected responses from people aged 18-65 across the largest cities in Russia between April 12 and April 16. Although 8% of the respondents from the Northwest region think crypto assets will oust fiat currency in ten years, 21% of the residents in Moscow believe otherwise.

In fact, four out of ten in the Russian capital city foresee banks reinventing themselves into “digital ecosystems,” as the crypto industry keeps developing and extending its arms.

The traditional thinking on fiat still lies among the Northwestern Federal District, as 34% of the respondents “believe that cryptocurrencies cannot replace traditional currencies in anything,” stated the survey.

Furthermore, a neutral stance came from the whole Moscow region, where 46% of the surveyed residents believe that people should always have the chance to pick on whether using cryptos or traditional money.

However, 39% of the respondents think that “it is impossible to give up cash because not all over the world will be able to do without it.”

Crypto Assets Gain Ground in Russia as an Investment Despite the Gloomy Regulatory Environment

Overall, the survey goes in line with the recent ones published by the World Gold Council (WGC). As Bitcoin.com News reported in October 2020, cryptocurrency is listed in Russia as the fifth-most popular investment vehicle with a percentage rating of around 17%.

The WGC authors pointed out that crypto investment is taking place in Russia even though regulations are pretty gray in the region.

What do you think about the survey? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3sT1wVZ
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more