Nearly 8 out of 10 Russians consider bitcoin (BTC) to be the “most trusted” crypto asset in circulation.
Nearly a third say they have used cryptocurrencies “at least once.
These are the results of a survey conducted by the Russian cryptocurrency exchange Bitbanker and the research firm Cupli Surveys and reported by Kommersant and VC. Both parties spoke to 1, 500 people over the age of 18 “from all regions of Russia”.
78% said BTC is a trusted token, while 36% said they also trust Tether (USDT). Thirty-five percent also consider Ethereum (ETH) to be trustworthy.
While 29% of respondents said they have used virtual currency at least once, a majority (51%) of this group said their main reason for buying virtual currency was to protect their savings. Most others said they wanted to make money trading virtual currencies.
However, about one-third of those with cryptocurrency experience said they used tokens as a means of “sending money to others.”
Surprisingly, 26% say they use cryptocurrencies to “pay for goods and services,” despite the fact that the use of cryptocurrencies as a means of payment is banned in Russia.
Are Russian Bitcoin Enthusiasts More Knowledgeable About Virtual Currencies?
There are indications that many Russians who use cryptocurrency appear to be advanced users. The majority of respondents report using multiple wallets,” the researchers said. Another 14% of the group stated that they keep their coins in their refrigerators rather than in their wallets for exchange.
While the majority said they have relatively small holdings of virtual currency, nearly 10% said they have between $7, 000 and $14, 000 worth of coins. Another 2.3% said their virtual currency assets are worth more than $14, 000.
Earlier this month, a Russian minister said that domestic virtual currency miners are now controlled by power suppliers and must pay industrial rates for energy. A bill to legalize industrial mining could be passed before the end of the year.