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Cryptocurrency more popular than gold among Russian retail investors

Cryptocurrency is now the fifth most popular investment vehicle in Russia.

Image by WorldSpectrum from Pixabay

Thu, 22 Oct 2020, 14:47 pm UTC

Some businesses are starting to consider Bitcoin (BTC) as a viable alternative to cash as a store of value and are incorporating the crypto into their reserve assets as part of their capital allocation strategy. In Russia, cryptocurrency has even become more popular than gold among retail investors based on a recent survey.

The World Gold Council, a market development organization for the gold industry based in London, recently published a report on the latest investment trends in Russia, reported. Surprisingly, the report revealed that retail investors in the country are already warming up to the idea of cryptocurrency as an investment option to the point that digital currency is even a bit more popular the gold.

The report was based on a survey conducted by the council via online interviews of the 2,023 participants from across Russia. In the survey, 68 percent of investors said “gold is seen as an effective store of value.”

“Most Russian investors believe [gold] holds its long-term value and protects against currency and inflation fluctuations,” WGC said. But a chart showing “investments in Russia over the past 12 months,” showed that cryptocurrency is even more popular than gold among those investors who participated in the survey.

Gold is the sixth most popular asset among Russia’s retail investors in WGC’s report. Sixteen percent of the survey’s participants revealed that they’ve made investments in the precious metal within the past 12 months.

However, cryptocurrency is slightly more popular than gold among those surveyed. Seventeen percent of the respondents said they’ve invested in digital currencies recently making it the fifth-most popular investment vehicle.

The most popular asset is savings account with a rating of 74 percent. It is followed by foreign currencies with 38 percent, real estate with 33 percent, and life insurance with 31 percent. The seventh to tenth most popular assets are sixth are collectibles (7th), gold coins (8th), stocks (9th), and government-issued bonds (10th).

“The rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors,” the study’s authors explained crypto’s rising appeal. “As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond.”

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