Russia Hit with Bitcoin Fever

Russia Hit with Bitcoin Fever

Although Bitcoin has been attracting a lot of criticism lately, Russian investors still seem to be addicted to it. A recent study revealed that about 73% of them still want to invest, despite calls of caution from industry experts.

Bubble effect or not, cryptocurrencies continue to garner attention from those who want to save money in Russia.

A Favorite Gift for Russians

Bankers and financial experts around the world have been sounding the alarm when it comes to Bitcoin, and cryptocurrencies in general. However, Russian investors are still buying in.

Lately, cryptocurrencies have really started to take off in the country of the Tsars. The recent study is proof that nearly half of the country would like to be given cryptocurrencies as a holiday gift. This is a huge number of people that are admitting to their lust for cryptocurrencies. To top it all off, about 20% of respondents said that they would prefer to receive exclusively Bitcoin.

Russian Investors Are Asking for More

Despite warnings about the “bubble effect”, Russians seem to still have confidence in Bitcoin. The same study showed that 73% of Russian crypto-investors have zero interest in selling their virtual currency. On the contrary, they would rather continue to increase their portfolios by buying even more cryptocurrency in the coming months.

Russian confidence in cryptocurrency is also shown by figures published in a local newspaper. It stated that 89% of respondents opted for long-term investments. As opposed to only 22% who plan to invest short-term.

Could Russia Be the Next Leader in Cryptocurrency?

This study goes to show that Russian interest in cryptocurrency has, in fact, increased in recent months. This could have something to do with the leaders of the country who are trying to launch of a new national digital currency, the Cryptoruble.

Last October, the Russian President had called for the creation of a national cryptocurrency. Shortly after, the first set of laws were proposed about the launch of the Cryptoruble. According to some, Russia wants to use the Cryptoruble to circumvent certain international trade sanctions that have been imposed on the country. Needless to say, digital currencies are more popular than ever in Russia.

According to another survey conducted by Waves Platform, out of 700 respondents, 15% believe that Russia will soon be the world’s leader when it comes to cryptocurrency.

The Cryptoruble in High Places

Sergei Glazyev, the economic advisor to President Putin, recently confirmed at a cabinet meeting that the Cryptoruble could ease the pressure felt by sanctions from Western countries. He stated that, “This tool could suit the country very well. We will be able to settle our accounts with partners around the world, without having to worry about sanctions.”

However, this project is still far from being unanimous within the Russian government. While Glazyev is clearly in favor of the Cryptoruble, it is not the case for all members of the government.

Both Deputy Finance Minister, Alexey Moiseev and Senior Deputy Governor of the Russian Central Bank, Olga Skorobogatoba say they do not see the need to issue a new national digital currency.

Will the new Russian cryptocurrency ever see the light of day? Only the future will tell. Meanwhile, Russian investors continue to rush into buying Bitcoin and other cryptocurrencies.

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