56% of Russians Know About Bitcoin, New Survey Reveals

A new survey by the Russian Public Opinion Research Center (VCIOM) sheds some light on just how aware Russians are of cryptocurrencies, especially when it comes to Bitcoin.

Of the 1,200 participants in the survey, 56% are aware of Bitcoin, with 13% saying they have detailed knowledge about it and 14% stating they have only heard the word mentioned somewhere.

Awareness of Bitcoin is unsurprisingly stronger among younger participants: 75% of those in the 18-24 age bracket responded positively.

Interestingly enough, only 9% of the Russians who have heard about Bitcoin say that they might acquire the cryptocurrency in the future, but a whopping 67% are reluctant to buy because they consider it unprofitable.

The survey cites low awareness as the reason Russians are so unwilling to invest in cryptocurrencies.

Survey Insights

“Professional investors have this rule: If the rate of an asset was discussed in TV programs for housewives, it means that it will soon collapse. ‘Bitcoin’ is rapidly approaching this status. I would like to take the opportunity to warn our fellow citizens of the cryptocurrency game. The main problem is that they do not have a so-called ‘final demand’. With fiat money, you can at least pay taxes to the government that issued it. It is obligated to accept its own currency. Nobody is obliged to accept payment in cryptocurrencies,” said Oleg Chernozub, chief pollster at VCIOM.

The survey itself, however, appears to contradict the notion that Russians are reticent to buy Bitcoin due to pessimism surrounding its future.

Of all the respondents questioned, 27% believe that access to Bitcoin is limited to certain people, but 34% think that anyone can buy it. Another 16% say that Bitcoin purchases are prohibited in Russia.

Aside from attempts to tax and regulate Russia’s cryptocurrency market, no action has been taken to ban the purchase and possession of Bitcoin in the country.

VCIOM itself admits that a lack of information may partly explain the vastly differing opinions of Russian people about the cryptocurrency world, but it cannot be denied that they have a relatively strong awareness of Bitcoin’s existence.