Almost eight out of 10 Russians believe that Bitcoin (BTC) is the most secure crypto-asset currently in circulation. And just under a third say they have used cryptocurrencies “at least once”.
These findings are the result of a survey conducted by Russian crypto exchange Bitbanker as well as analysts Cupli Surveys. In order to carry out this survey, more than 1,500 people over the age of 18 were interviewed “across all regions of Russia”.
While 78% of individuals said they consider Bitcoin to be a reliable cryptocurrency, it is particularly interesting to note that this percentage drops sharply for Tether (USDT) and Ethereum (ETH) with 36% and 35% respectively. .
We observe that 29% of respondents said they had used cryptocurrencies at least once, and it should also be noted that half (51%) of this group say that the main reason that led them to buy cryptocurrencies was to protect their savings.
In addition, a third of individuals who have had experience with crypto assets say they have used tokens or cryptocurrency as a transfer tool and to send money to other people.
Perhaps more surprisingly, 26% of respondents say using cryptocurrencies to pay for goods and services, while using crypto assets as payment is now illegal in Russia.
Are Bitcoin-loving Russians increasingly knowledgeable about the rest of the crypto ecosystem?
Interestingly, in the proportion of Russians who use cryptocurrencies, many can be qualified as advanced users. According to analysts, most individuals surveyed report using several different crypto wallets. In addition, 14% of the group claims to use the cold storage technique to securely converse their crypto-assets.
As a reminder, cold storage consists of keeping a reserve of cryptocurrencies offline, which is possible when private keys are created and stored in a secure and offline environment. In addition, storing funds on platforms or on a connected computer presents significant risks that are incompatible with large amounts.
Even though the vast majority of Russians surveyed say they have a relatively modest crypto wallet, around 10% say they own the equivalent in cryptocurrencies of between $7,000 and $14,000. Just under 2.3% also report that their cryptocurrency holdings exceed $14,000.
Earlier this month, a Russian government minister publicly stated that players in the domestic crypto mining sector are now being watched by electricity providers. Moreover, the latter are now obliged to pay for energy at the same rate as manufacturers. A bill aimed at legalizing the entire industrial mining sector could also be adopted before the end of the year.