The World Gold Council has recently released a survey in Russia stating that cryptocurrency investment is more popular than gold in the country. The survey involved 2,023 investors in the country and the result showed that it ranks as the 5th largest investment in the country following gold.
As technology advances, cryptocurrency has continued to be recognized all over the world, marking its way to become the next currency of the future generation. Some of the most well-known cryptocurrencies include Bitcoin, Ethererum, Litecoin and more. Meanwhile, the World Gold Council (WGC) is an authority in the gold industry that handles all types of leaders in the field. They are also in-charge of research studies about investments in Russia and across the world.
In regards to the result of the recent survey, WGC mentioned that, ‘Most Russian investors believe [gold] holds its long-term value and protects against currency and inflation fluctuations.’ They supported it with a chart highlighting the investments made in Russia during the past 12 months, resulting in cryptocurrency investment (17%) having a higher percentage than gold (16%).
Furthermore, the World Gold Council stated that despite the strict regulations on cryptocurrency in Russia, the platform still became the most widely used system in terms of digital payments. In which WGC added, ‘The rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors. As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond.’
According to the chart presented by WGC, the commodity funds rank the lowest accumulating 3% on the most important resources used by citizens. Meanwhile, gold bars have 3% and investments funds fall at 5%. Here are the other investments made by Russians during the past 12 months from highest to lowest:
- Savings account/Post office account – 74%
- Foreign currencies – 38%
- Real estate/property/agricultural land – 33%
- Life insurance – 31%
- Cryptocurrencies – 17%
- Gold – 16%
- Collectibles – 14%
- Gold coins – 11%
- Stocks and shares – 10%
- Government bonds – 10%
- Vaulted gold – 5%
As cryptocurrency continues to remain prevalent in the world, where will it be positioned in the next WGC survey? For more information about cryptocurrency news, you may visit BTC Post to learn more about the platform and the different types of cryptocurrencies that are good for investments.
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