The World Gold Council, a major market development organization in the gold industry, released a report on October 20 on the findings of Russian retail gold.
According to the report, cryptocurrency is currently the fifth most popular investment vehicle in Russia, second only to savings accounts, foreign currencies, real estate and life insurance. According to the investment ranking of the World Gold Council in Russia over the past 12 months, cryptocurrencies are followed by gold with a share of 17% and 16% respectively.
The report is based on a survey of 2,023 online interviews with investors from various cities in Russia. The respondents are “active investors” who have made at least one investment in the 12 months before the survey.
According to the report, cryptocurrencies such as Bitcoin (BTC) remain popular in Russia and benefit from accessible investment vehicles. At the same time, due to a lack of education and trust, gold has not yet become a mainstream asset.
Cryptocurrencies Investment to Be Very Risky
The World Gold Council also pointed out that while digital assets are relatively risky investments, the trend towards crypto investing in Russia is still emerging and gold has long been a stable investment in history. The World Gold Council suggests that this could be a sign of increasing demand for new investment products:
“The rise of the cryptocurrency shows that private investors like to choose and generate attractiveness. With the formation of the Russian investment market, there are opportunities for various investment products, and gold has to react. “
Russia has become one of the main jurisdictions for investing in cryptocurrencies. According to a report published by Chainalysis in September 2020, Russia is the second-largest country in the world after Ukraine in terms of cryptocurrency adoption rate.