A new public opinion survey in Russia showed that only one-third of Russians do not consider Bitcoin (BTC) to be a viable investment. This result is interesting especially now, when theories appeared that Russian oligarchs buy BTC to bypass US sanctions.
The Russian Center for Public Opinion Research (VCIOM) has published the results of the study on bitcoin. According to them, only 36 percent of 1600 survey participants say that investment in bitcoin is unprofitable. On the other hand, the media are writing about the fact that Russian oligarchs are accumulating billions of dollars in bitcoins. Interestingly, according to the study, only about two percent of respondents admitted that they ever bought a virtual currency.
Sanctions and the popularity of BTC
It is also worth noting that since the imposition of US sanctions on Russia in 2014, the ruble fell by about 50 percent against the dollar. On the other hand, bitcoin grew in the same period.
In line with the trend observed in other studies, over half of respondents stated that they have some knowledge about bitcoin. Exactly 56 percent of Russians know something about cryptocurrencies. Significantly, this is the same result as in the study from 2018 published by the same organization. In addition, 74 percent said they had heard about the term bitcoin, but only nine percent said they had more knowledge about it.
As in other countries, such as South Korea, millennials are more likely to be interested in cryptocurrencies. The most e-currency supporters have in Moscow and St. Petersburg.
Russia and BTC
So far, the government has not issued any regulations regarding cryptocurrencies. Today BTC trading in the country is not illegal. Meanwhile, the State Duma is in the process of establishing a legal framework for the digital currency market and blockchain.
Recall that a week ago, Russian economist Vladislav Ginko, an employee of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), said that some companies and rich Russians bought bitcoins for about 8.6 billion dollars. Especially for the Bitcoinist portal, he said that:
“BTC was bought by Russian companies and wealthy Russians. There is no direct involvement of the Russian state, but some bitcoin buyers expect US sanctions to prevent normal international transactions, so they buy bitcoins as a way to circumvent US restrictions. “