A recent study conducted by Romir Holdings, a market research firm based in Russia discovered that a majority of Russians had no idea what cryptocurrency is. According to the report, only 44% of the Russian population are aware of the digital currency and how it works.
Cryptocurrency is a widely talked about subject currently. It has generated enough buzz and and has often been referred to as the ‘next big thing’. It becomes necessary to assess how much of an impact digital currency has made on world’s largest country, Russia.
The poll was conducted by Romir, which is one of the largest market research companies of Russia, in order to find out how familiar the Russians are with the nascent technology of blockchain and virtual currency. The sample base included 1500 adults from various age groups and from different parts of the country.
An excerpt from the survey read, “The poll revealed that despite the increased attention paid to this sphere by a number of sources, less than a half of Russians (44%) have at least some idea of what cryptocurrencies are. At the same time, the majority of those polled (56%) admitted they have absolutely no clue of the subject.”
The findings suggested that while a shocking 56% of Russians were simply unaware about what crypto coins are, 31% of them were aware of the term but were not acquainted with the technical know-how. Only 18% of the people surveyed, aged between 18 and 24, has knowledge of cryptocurrencies and blockchain tech and just a tiny proportion of 2% Russians actually owned crypto assets.
The majority of traders, (around 76%), present in the crypto market said that the lone purpose of investing in digital currencies was profit making. 24% of the respondents were buying virtual currencies not only because of profits but also they wanted to ‘be in fashion’. A 16% of polled people said they used cryptocurrencies to purchase goods while 15% of the people said they bought digital currencies because of the media publicity.
The president of Romir holdings, Andrei Milyokhin, regarding the poll said, “The survey demonstrates it clearly that cryptocurrencies are yet to become a financial tool of some significance in Russia. Moreover, having burned its fingers repeatedly with various get-rich-quick schemes in the past, the Russian society, regards cryptocurrencies with healthy skepticism.”