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A recently conducted survey has produced interesting results regarding how much Russians know about cryptocurrencies. People with lower incomes have been found to have a better idea of digital money than their rich compatriots. At the same time, general awareness of cryptos seems to be falling along with their prices.
Number of Crypto-Aware Russians Drops
The majority of Russians do not quite understand what cryptocurrency is and have no intentions to acquire digital assets, according to a new poll released by Romir Holding, one of Russia’s largest market research companies. The survey has been carried out among 1,500 adults, 18 years and up, from across the vast country to determine how important the crypto topic is for Russians these days.
“It became clear that despite the increased attention to the matter, less than half of Russians have any idea about cryptocurrencies – 44 percent. At the same time, a large portion of the respondents – 56 percent – said they did not know what that was,” noted the authors of the study, quoted by RIA Novosti. They found that 31 percent of the respondents had an “approximate idea” of what cryptos are but admitted they didn’t have an accurate and clear understanding of these financial assets.
The results also suggest that the number of crypto-aware Russians is dropping, probably along with the prices of the digital coins this year. 56 percent of the respondents in an earlier poll, published in January by VCIOM, said they knew about Bitcoin. The results for active internet users were even higher – 66 percent: men – 71 percent, residents of Moscow – 74 percent, and young Russians – 75 percent.
Poor Russians Know More About Cryptocurrency
The ability of cryptocurrencies to provide people of lesser means with permissionless access to a financial system is a well-known characteristic that many around the world are taking advantage of. Ask people in inflation-hit Zimbabwe, Venezuela, or Argentina. The latest Russian crypto survey has made another interesting discovery regarding the attitudes of rich and poor towards the crypto space.
According to the researchers at Romir, the respondents from the lower income bracket – less than 10,000 rubles (~$ 160) monthly per family member – are more likely to understand cryptocurrencies (38 percent), compared to the group of the rich – those with 25,000 rubles per family member – where the share of the knowledgeable, at just 26 percent, is smaller than the average.
The poll has also found that only 13 percent of those questioned know and understand the principles of how cryptocurrency works. These are mostly young people, between 18 and 24 years of age (27 percent), and also Russians that are 25 – 31 years old (21 percent). Among those who are well aware of digital money, men are twice as many as women – 18 percent compared to 9 percent.
Majority Not Willing to Buy Crypto Now
Unfortunately, even among those with a decent understanding of cryptocurrencies, there aren’t too many willing to buy these assets at the moment. 87 percent said they were not planning to acquire cryptocurrency, while 11 percent don’t mind buying. Only 2 percent of the participants in this particular survey confirmed they currently own digital coins.
The majority of Russians who own cryptocurrency, 75 percent, said they bought it with the goal to make a profit from their investment, which more than half of them managed to accomplish. Another 24 percent wanted to possess virtual money out of a desire to be part of the modern trend.
Around 16 percent needed cryptos to pay for goods and services and 15 percent admitted their decision to buy was influenced by media coverage and ads. Most respondents purchased either bitcoin (BTC) or ethereum (ETH), with BTC favored fivefold.
Do you think the level of awareness of cryptocurrencies is influenced by prices and market trends? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Blockinpress.
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The post Poor Russians More Aware of Crypto Than the Rich, Poll Finds appeared first on Bitcoin News.
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During a recent interview with CNBC Crypto Trader’s Ran Neu-Ner, Michael Arrington of Arrington XRP Capital revealed that his fund owns more BTC than XRP, and discussed the company’s decision to denominate in XRP.
Arrington XRP Capital’s Exposure to XRP is “3 – 4%”
In an interview with CNBC Crypto Trader during their coverage of Korea Blockchain Week, Mr. Arrington discussed some of the cryptocurrencies that his fund is invested in. Despite denominating the fund in XRP, Mr. Arrington indicated that the percentage of the fund currently invested in XRP is “3 – 4 percent,” adding “we hold a few million dollars worth of XRP.”
When asked of the company’s ‘cash position’, Mr. Arrington stated: “We hold a lot of [BTC] – we hold more [BTC] than anything else, we hold a lot of Ether, we hold a lot of U.S. dollars, occasionally we hold Tether overnight,” adding “I don’t know which one[s] are the ‘cash positions’ – they’re all either currencies or have different utilities, so I don’t know how to answer that question.”
Arrington Discusses Denomination in XRP
When asked of the motivations behind launching a fund denominated in XRP, Mr. Arrington stated: “XRP […] is a really, really good way to move money. So we denominate our fund in XRP because it’s a fantastic way to move money cross-border, very quickly, at almost zero cost.”
Addressing the stigma associated with Ripple by many in the cryptocurrency community, Mr. Arrington stated: “There is a lot of tribalism in cryptocurrency, and a lot of bitcoin maximalists, etc., and the one thing they all agree on, is they all hate XRP because its centralized, they think its corporate managed, etc.,” adding, “none of that is really true.”
Mr. Arrington concluded: “while the other more decentralized cryptocurrencies […] find their way toward becoming more efficient, in the meantime, XRP is fantastic – and so from a hedge fund point of view, it’s great to denominate ourselves in XRP.”
Arrington Predicts $ 25,000 BTC by 2019
Regarding whether denominating the fund in XRP makes the its vulnerable to fluctuations in the price of Ripple’s token, Mr. Arrington stated: “The key thing is the underlying asset, […] only a small percentage of our fund holds XRP, we’re vastly diversified. Those underlying assets, whatever their value is, that’s what really matters at the end of the day.”
When asked of his outlook for the bitcoin and cryptocurrency markets, Mr. Arrington stated: “My entire life has been cryptocurrency – we’re all bullish on it,” adding “I’m always an optimist, […] I think that we’re going to hit $ 25,000 USD this year easy.”
Are you surprised that Arrington XRP Capital holds more BTC than XRP? Share your response in the comments section below!
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