New Survey: Less Than Half of Russians Know What Cryptocurrencies Are

Despite the growing popularity of cryptocurrencies, there are still a significant number of people globally who are unfamiliar with the new asset class. A recent survey carried out in Russia has shed some light on the level of cryptocurrency awareness in the country.

Details of the Survey

Romir Research Holding, a private media company in Russia, recently conducted a poll to ascertain how much Russians knew about digital currencies. The study surveyed 1,500 participants aged 18 and above from all the federal districts in the country.

The study’s authors endeavored to introduce as much demographic diversity as possible into the survey along income, age, and gender lines. Thus, Romir believes that the exercise represents a fair approximation of the general Russian sentiment towards cryptocurrencies.

Less Than Half of Russians Know About Cryptocurrency

The survey found that only 44 percent of the participants knew about virtual currencies. The remaining 56 percent all declared that they had no idea about digital currencies. 31 percent of all respondents said they only possessed a general knowledge of the emerging asset class.

Low-income earners seem to be more interested in Bitcoin and other cryptos than higher-income earners. The survey showed that 38 percent of respondents who earned less than 10,000 rubles knew about crypto, compared to 26 percent of those who made more than 25,000 rubles.

Cryptocurrency is More Popular with Young People

In terms of age and gender, the study maintains the same pattern noticed in similar surveys in other countries. People between 18 and 24 years admitted to being more knowledgeable about cryptocurrencies than those in the older age brackets. Also, men are twice as likely to be cognizant of the industry than women, according to the poll.

The Romir survey highlighted a significant trend in the country that most people seemed reticent to invest their money in the market. Only two percent of the survey participants said that they owned cryptocurrency. A majority of those who didn’t know about digital currencies said they had no interest in investing in the market.

Bitcoin is the Most Popular Cryptocurrency in Russia

Unsurprisingly, Bitcoin is king in Russia as it is in most parts of the world. The survey showed that the top-ranked cryptocurrency is the most owned virtual currency in Russia. In fact, Bitcoin is five times more popular than its closest rival, Ethereum.

Commenting on the figures from the study, Romir Research Holding President, Andrey Milekhin said:

“The survey has clearly demonstrated that the cryptocurrencies haven’t yet become a significant financial instrument. Moreover, Russian society which have already been hurt by different ‘build your wealth’ schemes, demonstrates, in this case, a healthy skepticism.”

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