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Poor Russians Know More About Crypto, Not Wealthier Ones – Survey Finds

Research shows Russians with lesser incomes know more about cryptocurrencies than their wealthy compatriots

Where cryptocurrencies are picking up attention rapidly in other regions of the world, dominantly in Asia, the trend shows a rather dubious behavior for Russians. In a survey conducted by Romir Holding, one of the largest market research companies in Russia, it has come out that the majority of Russians do not know about cryptocurrencies. Further, people with lower incomes have responded better to having an idea of the digital currencies and have either had involvement in it or showed interest in buying in the future.

Russians do not know about cryptocurrencie

But most Russians, do not even understand what crypto is and how it works and they don’t really plan to acquire digital currencies either. Figures have come out to be one in every three people and around 44% of the total population, that are aware of the nascent digital form of currencies. The poll was conducted with the aim of finding the importance and commonality of usage among Russians of the cryptocurrencies. It was carried out among around 1,500 adults, all 18 years and older, from different parts of the country, to determine their relevancy with crypto and it’s general importance among the public.

The survey reads:

The poll revealed that despite the increased attention paid to this sphere by a number of sources, less than a half of Russians (44%) have at least some idea of what cryptocurrencies are. At the same time, the majority of those polled (56%) admitted they have absolutely no clue of the subject,

While a staggering 56% of the people did not know what cryptocurrencies are and how they work, around 31% of them did have some understanding of digital assets but did not have a clear concept about their working and importance. Only 13% of Russians, mostly 18-24 year old, knew how cryptocurrencies worked and were interested in their prospect while only 2% were currently in ownership of digital assets in Russia. The ratio of men was found to be twice to that of women with knowledge of cryptocurrencies. This survey also sheds light on the fact that the number of crypto-aware Russians is at a decline, which contradicts with another report published earlier this year, by WCIOM, that said that around 56% of the Russians know about Bitcoin.

Romir president, Andrey Milekhin commented:

The survey clearly illustrates that cryptocurrencies have not become a meaningful financial instrument yet. Moreover, the cultural memory of the Russian society still reflects the painful experience of losses caused by previous rags-to-riches schemes, which results in healthy skepticism.

Poor Russians know more about crypto

This lack of conviction among the Russians is not entirely unmerited as several financial scams under the label of crypto investment schemes have been on the rise since 2008. But another interesting aspect has been unearthed from the presented analysis. It is that Russians with lower monthly incomes, with those of around $160 per family member, are more inclined towards digital form of currencies and are involved at a greater capacity in it’s trade. Comparatively, Russian families with per member incomes of around $300 did not possess much interest or knowledge about cryptocurrencies, at a meager percentage of 26. This does not come as a surprise generally, as this new form of currency is mostly in fame among the underprivileged section of the society around the world. Ask the poverty stricken in Zimbabwe, Venezuela and the inflation struck in Argentina and they will tell you of their migration towards digital currencies. Even then, one could be forgiven to expect a strong world economy like Russia to be able to ail better to the nation’s financial troubles, than introducing cryptocurrencies in the general status quo.

BTC is most common in Russia

The analysis further showed that three quarters of the Russians (around 76%) who have invested in digital assets, did so to keep an extra source of income and almost half of the announced that they have achieved their targets. Around 24% of them invested out of trend and glamour being influenced off media and ads, while 16% actually planned to spend on goods and services. The most common for of crypto was Bitcoin, with most respondents purchasing either bitcoin (BTC) or ethereum (ETH), where BTC was favored five fold.

It is also to be noted that the status of ICOs, cryptocurrencies, mining and crowdfunding still pertains an uncertain status in Russia and the state has postponed working on regulatory framework till September. That being said, it is not the only major country not to be entirely familiarized with the digital form of currency, with the percentage of Americans owning any sort of digital asset amounting to be around 8%, according to a survey by Finder.

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