Eight in 10 Russians Say Bitcoin Is World’s Most Reliable Digital Asset

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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Almost eight in 10 Russians think Bitcoin (BTC) is the “most reliable” cryptoasset in circulation. And almost a third said they have used crypto “at least once.”

These were the results of a survey conducted by the Russian crypto exchange Bitbanker and the researcher Cupli Surveys, and reported by Kommersant and VC. The parties spoke to 1,500 people over 18 years old “from all regions of Russia.”

While 78% stated that BTC was a dependable token, 36% said they also had confidence in Tether (USDT). And 35% said they also thought Ethereum (ETH) was dependable.

While 29% of respondents said they had “used cryptocurrency at least once,” most (51%) of this group stated that their main reason for buying crypto was to safeguard their savings. Most of the remainder stated that they hoped to earn money through crypto trading.

But almost a third of those with crypto-related experience said they had used tokens as a remittance tool to “send money to other people.”

Surprisingly, perhaps, 26% said they used crypto to “pay for goods and services” – although the use of crypto as a payment tool has been outlawed in Russia.

Are Bitcoin-keen Russians Becoming More Crypto Literate?

There are indications that among the section of Russians who do use crypto, many appear to be advanced users. “Most of the respondents indicated that they use several wallets,” the researchers noted. And 14% of the group stated that they kept their coins in cold storage – rather than in exchange wallets.

While the vast majority said their crypto holdings were relatively modest, almost 10% said they had between $7,000 and $14,000 worth of coins. And 2.3 % said their crypto holdings were worth more than $14,000.

Earlier this month, a Russian government minister stated that domestic crypto miners were now being monitored by electricity providers – and forced to pay industrial rates for energy. A bill proposing the legalization of the industrial mining sector could still be adopted before the year is out.