Investment in cryptocurrency has become one of the most important tools in Russia.
The world gold council released a report for insights in gold retail in Russia, which mentions cryptocurrency as the fifth most popular investment tool.
According to the reports, cryptocurrency stands fifth after savings accounts, foreign currencies, real estate, and life insurance.
The world gold council reported investments made in the past 12 months accounting for 17% in cryptocurrency and 16% in gold respectively.
Digital currencies like bitcoin have pressed on in the market of Russia than gold due to its accessibility.
Meanwhile gold has not established as a mainstream investment due to a lack of education and trust.
There is a growing demand for new investment products as the crypto investment trend steadily increases.
Cryptocurrency is being preferred even after being a risky option.
People have not favored gold even though it has historically proven to be a stable investment for the long term.
The World Gold Council Stated ”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.”
Russia has come forward as one of the major jurisdictions investing in crypto.
Also, a report from chainalysis claims Russia is the world’s second-largest country after Ukraine for crypto adoption.