A public opinion ballot in Russia has proven that solely one-third of individuals within the nation don’t assume Bitcoin (BTC) is a viable funding. This survey outcome comes as latest stories declare Russian oligarchs are shopping for up BTC to bypass US sanctions.


One in Three Russians Say Bitcoin is Not Viable

The Russian Public Opinion Analysis Heart (VCIOM) on Tuesday (April 9, 2019) launched the results of a public opinion ballot on Bitcoin performed within the nation. In accordance with the outcomes,  solely 36 % of the 1,600 individuals within the ballot say Bitcoin funding just isn’t worthwhile.

Whereas about 576 out of the 1,600 individuals may assume BTC isn’t viable, unconfirmed stories recommend that Russian oligarchs are stockpiling billions of {dollars} in bitcoin. In accordance with the survey, solely about two % of respondents admitted to ever having bought the digital forex.

Bitcoin adoption in Russia

Bitcoin is up greater than 40 % because the begin of the yr and virtually 68 % since reaching lows of $3,100 in November 2018.

Additionally price noting, since US sanctions have been imposed in 2014, the Russian ruble is down 100 % in opposition to the greenback. Bitcoin, however, is up 1000 % in opposition to the USD throughout the identical interval.

BTC Consciousness Is Moderately Excessive in Russia

Conserving with the development noticed in different earlier surveys, greater than half of the respondents mentioned that they had some information of Bitcoin. The outcomes offered by VCIOM on the proportion of Russians who find out about Bitcoin (56 %), is similar recorded in a 2018 survey revealed by the identical group.

Additionally, 74 % mentioned that they had heard concerning the time period ‘Bitcoin’ however solely 9 % admitted to having greater than a fundamental understanding of it.

Much like different international locations like South Korea, millennials usually tend to find out about Bitcoin than older generations with the best focus in main cities like Moscow and St. Petersburg.

Solely a minor group of individuals, about 12 %, believed that the Kremlin had banned Bitcoin with 16 % of those that claimed detailed information about bitcoin additionally holding the identical declare. Nevertheless, 37 % of the individuals surveyed specific confidence that anybody can purchase bitcoin in Russia.

To date, the federal government hasn’t issued any laws on cryptocurrency, nevertheless. As we speak, it’s not unlawful to commerce BTC within the nation. In the meantime, the State Duma is within the course of of creating a authorized framework for growing digital forex guidelines.

Do you assume the high-level of Bitcoin consciousness in Russia will result in higher BTC adoption within the nation? Share your ideas with us within the feedback under.


Photographs by way of Shutterstock and Bitcoinist archives