According to a survey, 77% of Russian investors prefer Bitcoin to gold and FX.

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According to AFD president Evgeny Masharov, Russian investors now view digital financial assets as an investment instrument rather than a “hype product.”

According to a new survey, cryptocurrency such as Bitcoin (BTC) are becoming increasingly popular among Russian investors, displacing traditional investment products.

Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, polled 502 Russian investors to find out the local investor sentiment regarding cryptocurrencies. Released on Tuesday, the survey was conducted from Aug. 4 to Aug. 24, 2021.

In the survey, nearly 77% of respondents said that cryptocurrencies such as Bitcoin, Ether (ETH) and Litecoin (LTC) are the “most forward-looking” investment. Only 8.8% of respondents indicated that they view gold as the best investment, while 14% preferred “familiar national currencies.”

The survey also found that just 23% of respondents have never used digital currencies. More over 77 percent of those polled said they were thinking about investing in cryptocurrency in the near future, with only 7.6 percent highly opposed. The remaining 15% stated that they have not made a final choice on whether or not to invest in cryptocurrency.

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According to AFD CEO Evgeny Masharov, the survey clearly shows that Russian investors increasingly view digital financial assets as an investment rather than a “hype product.” According to a World Gold Council survey conducted last year, cryptocurrencies such as Bitcoin were the fifth-most popular investment option in Russia after savings accounts, foreign currencies, real estate, and life insurance.

According to the AFD, the group will forwards the poll results to the Bank of Russia and the State Duma Committee on Financial Markets.

Despite the fact that Russian investors are increasingly betting on cryptocurrencies, the country’s central bank maintains a severe stance against crypto. Elvira Nabiullina, governor of the Bank of Russia, termed cryptocurrency one of the most risky financial tools available today in June.

While the Russian central bank is dubious about private cryptocurrencies, it is now focusing on building the digital rouble, the Bank of Russia’s central bank digital currency initiative, which is set to start trials in 2022.

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