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Almost Half of Russians Have Heard About Cryptocurrencies, Reveals Study

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Caucasian businessman confused with cryptocurrency symbols such as bitcoin. Source: shutterstock.com

Russians love their vodka, but they also seem to love their digital currencies. A new survey conducted by Romir, a research representative of the Gallup International Association, revealed that over 44 percent of the citizens have heard about cryptocurrencies.  A high number stated that although they don’t have a clear grasp on the concept, they do have a general idea of what cryptocurrencies are. Even though a large portion of respondents said that they do not know what digital currencies are, the trends are looking positive.

Understanding Cryptocurrencies

The survey asked 1,500 Russians about digital currencies and their possible current and future interactions with these coins. The survey revealed that 44 percent of the respondents have heard about digital coins, and 13 percent even have a good understanding of what they are.

On the other hand, 56 percent of those surveyed said they didn’t know what the word meant, and 31 percent said they could “roughly represent what crypto-currencies are, but they do not have an exact and clear understanding.

Based on the results, Andrey Milekhin, President of Romir, said:

“The study clearly demonstrated that the crypto currency has not yet become a significant financial tool. Moreover, the Russian society, which was repeatedly burned in various schemes of rapid enrichment, demonstrates in this case a healthy skepticism.”

Are Russians Really Wary of Cryptos?

While Romir’s president believes that cryptocurrencies are not taking an undue space in the Russian public discourse, a survey conducted by the Russian Public Opinion Research Center (VCIOM) in January revealed that over 56 percent of the Russians have heard of Bitcoin. The survey findings reverse the Romir numbers. However, the VCIOM survey noted that 74 percent of Moscow’s and St Petersburg’s population is now aware of digital coins.

Hand painted with Russian flag holding Bitcoin. Source: shutterstock.com
Hand painted with Russian flag holding Bitcoin. Source: shutterstock.com

The Romir study could hold the key to these contradictory statements. It states that people from the lower income groups generally have more knowledge about cryptocurrencies. It also suggests that only 2 percent of the respondents claimed to hold digital currencies, while 87 percent do not plan to purchase them. On the other hand, 11 percent said they have no plans of investing in such currencies.

So do people buy cryptos to get rich quick? The survey suggests that 76 percent of crypto holders in Russia bought the coins to earn money, and over half of them have already achieved their goals. Meanwhile, 24 percent said that they did it because they are in vogue, and 15% did so because they are getting media attention. Finally, 16 percent said they bought digital coins to pay for goods and services.

Almost Half of Russians Have Heard About Cryptocurrencies, Reveals Study was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.