June 4, 2023

Earlier, many in the crypto industry now did not believe in getting into Bitcoin and digital assets. Many others are not even aware of the existence of cryptoassets. During this period, a considerable gap in knowledge of digital assets remained. Furthermore, tokens have little use in real-world transactions and operations.

But over the past few years, the adoption and acceptance of cryptoassets has soared. Several organizations, companies, industries, and individuals now accept crypto tokens for payments and settlements. Some countries have even included crypto tokens such as Bitcoin (BTC) as part of their legal tender.

Despite the widespread use of cryptocurrencies, it is surprising that the majority of the population in some countries has not yet joined the cryptocurrency train. For example, a recent survey in Russia revealed that most of its citizens have not purchased any cryptocurrency. This means that the country is lagging behind in the adoption of cryptocurrencies.

Russian investigation shows lag in crypto interactions

The survey on the crypto stance of the Russian population was conducted by Tangem, a Swiss-based crypto wallet provider. Local news outlet Kommersant reported on the incident on Aug. 25, noting that the investigation was aimed at uncovering more information about Russian crypto investors.

About 2,100 respondents participated in the survey, of which 72% revealed that they had never purchased any crypto assets, including Bitcoin. This figure shows that cryptocurrency investors in Russia are clearly in the minority.

Survey Shows 72% of Russians Have Not Purchased Bitcoin
Source: Tangam

Judging by the polls, there is still a strong desire for potential crypto investments amid a large population. About 31% of participants disclosed their intention to buy crypto tokens in the next six months. While 30% said they had no future plans for crypto investments, about 40% said they were still unsure of their stance on crypto investments.

Additionally, the survey revealed that 46% of participants appreciate cryptocurrencies with a positive mindset. On the other hand, about 46% of respondents have a neutral view on virtual assets, while about 9% have a negative view on cryptocurrencies.

also, polls Emphasizing the profitability of crypto investments is a major advantage of owning assets. The results showed that about 44% of participants supported this factor as their motivation to engage in cryptocurrencies.

However, the lack of physical support for digital assets is the biggest obstacle for them to invest. 68% of respondents chose the latter because they are not involved in cryptocurrencies.

Low Bitcoin and Crypto Awareness in Russia

The low level of Bitcoin and crypto awareness and education in Russia is the reason for the low crypto adoption rate in the country. According to the survey, only 6% of participants had a good understanding of cryptocurrencies, while 80% were only familiar with the term.

Survey Shows 72% of Russians Have Not Purchased Bitcoin
Bitcoin follows a bearish trend l BTCUSDT on TradingView.com

Some professionals believe that foreign exchange restrictions by Russian banks are creating a turnaround for citizens.

Some argue that people use bitcoin and stablecoins to move cash abroad. They would later cash out their funds from elsewhere like the United Arab Emirates or Georgia.

Featured image from Pixabay, chart from TradingView.com

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