Majority of Russians think investing in Bitcoin is not profitable, survey shows

Maria Nikolova

More than half of the respondents claim they have heard of Bitcoin but only 9% say they have detailed knowledge.

The Russian Public Opinion Research Center (VCIOM) has earlier today released the results of a survey dedicated to cryptocurrencies. The survey, conducted among 1,600 respondents above 18 years of age, indicates that the hype around cryptos in Russia is subsiding. 

More than half of the respondents (56%) claim have certain knowledge about Bitcoin but meager 9% of those surveyed say they have detailed knowledge of Bitcoin. Further 18% say they have heard the term “Bitcoin”.

The level of knowledge appears to be higher among younger respondents (67% for those aged from 18-24 years), as well as among respondents with higher education (71%) and residents of Moscow and St Petersburg (75%).

In the face of that, the actual knowledge about Bitcoin is relatively poor. For example, among those who have heard of Bitcoin, 37% are confident that anyone can get Bitcoins, whereas 12% believe Bitcoins are banned in Russia. Another controversial finding is that 28% of the respondents believe it is harder to steal digital currencies when compared to typical currencies, whereas 29% insist that it is easier to steal digital currencies than “normal” currencies.

Bitcoins have not gained popularity among Russians, according to the authors of the research, as 65% of those who have heard of Bitcoin believe investing in them is not profitable. Meager 2% have ever bought Bitcoin.

In early 2018, VCIOM posted the results of another survey about cryptos. That survey also indicated that the level of knowledge about cryptocurrencies in Russia is rather low, as even those that claim to be familiar with Bitcoin often fail to state with certainty whether the Bitcoin can be legally bought in Russia. In fact, 16% of those claiming to have knowledge about cryptocurrencies said that Bitcoin is prohibited in Russia.

Let’s note that the Central Bank of Russia has indeed issued a number of warnings about the risks associated with trading cryptocurrencies and has stressed that they are not legal payment means in Russia. No official ban has been imposed, however.

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