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Report ranks crypto next to gold in popularity with Russian investors

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Cryptocurrency investment is one of the most popular investment tools in Russia, according to a new report.

The World Gold Council, a major market development organization for the gold industry, released a report on retail gold insights in Russia on Oct. 20.

According to the report, cryptocurrency is currently the fifth-most popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance. As part of the World Gold Council’s rankings of Russian investments made in the past 12 months, cryptocurrency is followed by gold, accounting for 17% and 16%, respectively.

The report is based on a survey of 2,023 online interviews with investors from cities across Russia. The respondents are “active investors” — those who made at least one investment in the 12 months preceding the survey.

Investments in Russia over the past 12 months. Source: The World Gold Council

According to the report, cryptocurrencies like Bitcoin (BTC) remain popular in Russia and benefit from being an accessible investment tool. In the meantime, gold has not yet established itself as a mainstream investment asset due to a lack of education and trust.

The World Gold Council also noted that the crypto investment trend in Russia comes despite digital assets being a relatively risky investment, while gold has historically emerged as a stable investment for the long term. This could be a sign of growing demand for new investment products, the World Gold Council suggested, stating:

The rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors. As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond.”

Russia has emerged as one of the major jurisdictions investing in crypto. According to a September 2020 report by Chainalysis, Russia is now the world’s second-largest country according to the rate of crypto adoption after Ukraine.





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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.