Recently, investing.com polled 1,000 Russian investors intending to know their preferred assets against economic woes. The survey revealed that 47% of polled Russians consider digital assets as an investment against inflation or other economic-related financial hardships. 35% of these respondents said they would invest in real estate to hedge against inflation or other economic crises.
The First Choice Had Always Been The Real Estate Industry
Investing.com’s Head of Research in Russia, Anastasia Kosheleva, revealed that before the popularity of crypto this year, real estate had always been the choice of investment assets for Russian retail investors against inflation. However, digital assets tops is now the leading choice surpassing other well-known assets such as forex and international stocks.
The study further noted that Russians prefer to invest in BTC than any other cryptocurrency. In October, Brand analytics (an on-chain analytics network) confirmed investing.com’s survey and further stated that Russians invested more in BTC than other coins, including stablecoins. It was also the most discussed cryptocurrency on social networks. Russia’s crypto space has been growing fast over the past three years, and as of the year 2020, a survey revealed that over 75% of Russians would instead invest in BTC rather than gold.
Russian Crypto Investors’ Increasing Influence
Russia’s apex bank’s latest financial stability report indicates that Russian crypto investors are becoming more influential in the global crypto space. The report claimed that Russia is number three in the global bitcoin hash rate index and is among the largest holders of a Binance account (Binance is arguably the largest crypto exchange globally). A combination of the pandemic and a poor economic outlook in Russia is gradually moving investors towards digital assets as they aim to shield their holdings against inflation.
One of Goldman Sachs’s top-level investment researchers, Damian Courvalin, disclosed that Russian investors had increased their crypto investments to protect their assets against inflation. Some of them are divesting their investments from gold to cryptocurrency. Many investment analysts in Russia opined that government bonds are no longer a hedge against economic-financial woes and a crypto investment portfolio is the most excellent option.
The Crypto Market Is Bullish Right Now
After successive days of price dips following news of a new COVID-19 strain, but is now recovering. The leading cryptocurrency made a push above $55K, but it couldn’t sustain it, causing it to decline towards the $53.5K levels. However, BTC gained about $4K in the last few hours to almost $58K before retracing slightly to now trade at $57.25K as of this writing.
Consequently, its market cap was also positively impacted. It is now $1.08tr even though it looked like it would go below $1Tr in the last few days. The altcoins are also recovering like BTC. ETH, SOL, DOT, and TERRA are among the top-ranked cryptos making the most gains. Gala, Zilliqa, and the SAND are among the top-performing mid-cap coins. CoinGecko data shows that the crypto market gained $130B over the past 24 hours, and it’s now over $2.7 Tr. Right now.