According to the Russian crypto business, against the backdrop of high inflation and restrictions on the purchase of US dollars in Russia, the popularity of cryptocurrencies, in particular, bitcoin and the stablecoin Tether (USDT), is growing.
According to RBC-crypto, Andrey Podolyan, CEO of Cryptorg, said that recently more and more Russians have begun to seek advice on investing in cryptocurrencies. He noted that many potential investors lack the basic skills to use cryptocurrency wallets.
Dmitry Machikhin, head of Bitnalog, said that the number of users on cryptocurrency platforms increased by 2-3 times in March. He suggests that this may be due to the inability to purchase dollars and the desire to protect their money from inflation.
The founder of the ENCRY Foundation, Roman Nekrasov, said that from March 5 to March 9, a record number of users investing in BTC and USDT was recorded. Nekrasov noted that the popularity of stablecoins exceeds the interest in bitcoin and altcoins. He believes that this is due to the function of replacing the fiat dollar, the sale of which is limited in Russia.
The founder of the EXMO trading platform, Ivan Petukhovsky, said that the increase in the number of users who opened deposits on the platform occurred after the Binance exchange stopped supporting Visa and Mastercard cards issued in the Russian Federation. He emphasized that many citizens are now investing in cryptocurrencies, as this is the only way to get foreign currency abroad.
“But here we must not forget about the legislative part of the issue – I think that many are afraid of particularly strict regulation, which is why they express moderate interest,” Petukhovsky said.
The founder of the EXMO trading platform expressed the opinion that USDT will allow citizens who have left the country to carry out international transactions, since there are no national and state borders for cryptocurrencies. It is convenient and easy to conduct transactions with them, and the absence of a third party allows you to reduce transaction costs. However, he noted that there is no single law on the regulation of cryptocurrencies in Russia, so it is difficult to make forecasts.
As Jack Newold, the founder of the Crypto Pragmatist analytical firm, said earlier, in the short term, any military action could have a positive impact on the Bitcoin exchange rate. Meltem Demirors, director of strategy at CoinShares, also said that the current geopolitical tensions will best show the maturity of bitcoin. According to him, cryptocurrencies are global non-political money.
Source: Bits
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