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According to a recent research survey, cryptocurrency investing is a more popular twist than gold in Russia. An organization called the World Gold Council surveyed 2,023 investors and the cryptocurrency turned out to be the fifth largest investment after gold.
The World Gold Council (WGC) is considered an authority in the gold industry as the market development organization works with all kinds of industry leaders in the field of precious metals. WGC also runs the hugely popular gold.org web portal and often publishes research studies on safe haven investments.
Just recently, the WGC released a report on gold investing in Russia and the study also touched on cryptocurrency investments.
The WGC interviewed 2,023 Russian investors from across the country. 68% of the survey respondents said that “gold is considered an effective store of value”.
“Most Russian investors believe [gold] maintains its long-term value and protects against currency and inflationary fluctuations, “explains the WGC study in detail. In a chart highlighting” investments in Russia over the past 12 months “, cryptocurrency investment vehicles account for a larger percentage high gold.
The cryptocurrency is listed as the fifth most popular investment vehicle with a percentage of around 17%. Meanwhile, gold is around 16% among the 2,021 WGC survey participants.
Prior to cryptocurrency investments they include things like savings accounts, foreign currencies, real estate and life insurance respectively. Below cryptocurrencies and gold on the WGC list are investments such as collectibles, gold coins, stocks and government-issued bonds.
Furthermore, the WGC authors wrote that cryptocurrency investments are happening in Russia even though the regulations are rather gray in the region.
“The rise of cryptocurrencies demonstrates that there is a desire for choice and attractiveness among retail investors. As the Russian investment market takes shape, opportunities for various investment products will emerge and gold will have to respond, “said the WGC authors.
What do you think of the WGC report showing cryptocurrencies as Russia’s fifth most popular investment? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, WGC report
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