According to many Russians, cryptocurrencies have enormous potential, and they can even crowd out banks. This is stated in the report of the Binance exchange.
The marketplace surveyed its users living in Russia, Kazakhstan and Ukraine. A total of 23,233 users registered on this platform took part in the study.
Almost 80% of them admitted that they already hold bitcoin or another digital currency. Slightly over 58% of respondents expect cryptocurrencies to deal a devastating blow to the banking system in the future. Investing in digital assets is a much more profitable venture compared to bank deposits, according to this category of respondents.
Moreover, 77.5% of users point to the positive role of bitcoin for the global economy, the researchers noted. At the same time, only 25.7% of respondents used cryptocurrency as a payment instrument when purchasing goods.
More than 60% of those surveyed admitted that they were able to make a profit in 2020, thanks to the renewed growth of the crypto market after the March collapse.
In addition to Bitcoin, Russians are also interested in Ether and Binance Coin (BNB). Recall that BNB showed explosive growth in 2021, now this coin is among the three largest cryptocurrencies.
83% of those surveyed by the Binance platform live in Russia, 12.8% are in Ukraine. The rest of the research participants live in Kazakhstan and a number of other countries in the post-Soviet space.
As in other states, the lion’s share of transactions with digital assets are made by men (almost 93%). Just over 7% of respondents investing in BTC are women, according to a Binance study.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
