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Study: cryptocurrency investments in Russia and the world, reality and prospects

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In July 2019, Grayscale Investments published the results of a survey of U.S. citizens on their readiness to invest in cryptocurrencies. More than two-thirds of the respondents were ready to do this, although they noted a number of factors stopping them from investing in cryptocurrency right now.

At the same time, a number of sociological studies conducted in recent years demonstrate that despite the fact that millions of people around the world are already investing in cryptocurrencies, the growth potential of cryptocurrency market participants is still great.

How many people have already invested in cryptocurrencies , how many are ready to follow them, and under what conditions they will do it – we understand this material.

The global picture of cryptocurrency investments

One of the largest studies on the use of cryptocurrencies was conducted by B2B International by order of the Russian company Kaspersky Lab. In October-November 2018, scientists interviewed almost 14 thousand people from 22 countries.

The survey showed that 6% of respondents use cryptocurrency, 5% used it, and another 14% did not buy it yet, but would like to do it in the future. In total, among the respondents, 19% at least once bought cryptocurrencies .

However, many respondents voiced problems that stop them from buying cryptocurrencies. First of all, this is high volatility and the lack of the necessary legislation.

Another large-scale survey was conducted by the popular statistical service Statista in June this year. The service has published the top countries whose residents use cryptocurrency. It is interesting that emerging economies are leading the new ranking:

What is this data talking about? Experts suggest that with the help of cryptocurrencies, local residents protect their savings during periods of high inflation. Last summer, analysts noted high excitement in the Turkish cryptocurrency market amid a sharp drop in the rate of the Turkish lira.

Moreover, in a similar Statista ranking for the previous year, the leaders are different. If Turkey still came in first place, then in 2018 European countries followed it: Romania, Poland, Spain and the Czech Republic, then the USA, Austria, Germany and Italy.

Last June, the reputable international organization Ipsos, together with the financial conglomerate ING, also conducted a study of investor attitudes towards cryptocurrencies among residents of 15 countries in Europe, the USA and Australia.

It turned out that 9% of Europeans owned cryptocurrency (as well as 7% in Australia and 8% in the USA), while the highest rate was recorded in Turkey – 18%. The study also showed that in the future the number of cryptocurrency users will increase: 25% of respondents expressed a desire to invest in digital assets.

At the same time, exactly two-thirds of respondents in all countries knew what cryptocurrencies were, and the majority agreed that they are a more risky asset compared to other investment objects such as real estate, gold and even stocks.

The use of cryptocurrencies in Russia

Kaspersky Lab also published selected research results in Russia. 37% of our compatriots know what cryptocurrency is, but they don’t understand how it works. 42% of Russians did not use cryptocurrencies and did not plan to do this in the future. At the same time, 7% of Russian respondents tried to mine , 6% bought cryptocurrency, and 8% of respondents who have ever made payments in cryptocurrency do it every day.

Meanwhile, the All-Russian Center for the Study of Public Opinion (VTsIOM) in April of this year provided other data : only 2% of Russians have ever bought bitcoin .

Judging by the performance of Statista’s June study, the level of cryptocurrency use in Russia since last year, according to Kaspersky Lab’s figures, has risen slightly. According to the service, in Russia 9% of residents used or owned digital assets.

Age is an important factor in predisposition to cryptocurrencies

Bankrate recently presented the results of a June survey of its users regarding their preferred long-term investment. There were several investment options to choose from, from real estate to government bonds.

According to the results, the desire to invest in cryptocurrency for the long term is most active among millennials (from 21 to 38 years) – 9%, while in general among the respondents – 4%.

At the same time, sociologists give conflicting data on the attitude towards representatives of the “Generation Z” cryptocurrencies (people aged 13 to 21). A survey of 1800 Americans of this age, conducted by Cint for Business Insider, showed that 26% expressed some degree of desire to buy cryptocurrency, while 53% of the survey participants said they most likely would not invest in cryptocurrencies.

A deeper understanding of the sentiment among Generation Z may come from a study by Manole Capital, published in July 2019. 17% of the participants in their survey admitted that they already own cryptocurrency. The majority (72%) called the financial asset the main function of cryptocurrencies, the remaining 28% see them as a means of calculation. As for the owners of cryptocurrencies, their “portfolio” is very diverse: 31% hold bitcoin, 23% hold ether, 22% hold lightcoin, 12% hold ripple, and another 12% hold other altcoins.

Also in July, the American investment firm Grayscale Investments summed up the results of a survey of 1100 US residents aged 25 to 64 years, conducted in conjunction with Q8 Research. Interest in buying bitcoin was expressed by more than a third of respondents (36%). However, many respondents admitted that they are alarming several key issues:

  • High probability of theft of funds due to hacker attacks. 75% of all respondents and 68% of those who are interested in investing in bitcoin are afraid of cybercrime.
  • The lack of a legal framework – it is unclear how regulators relate to Bitcoin, and which cryptocurrencies fall under securities laws.

This survey also made it possible to compile the following portrait of a possible crypto investor: middle age, middle class living in the suburbs, the majority (70%) have children, and almost half (49%) earn about $ 100,000 a year.

People from this group are more experienced and more susceptible to risk than "average" investors, analysts at Grayscale noted. At the same time, the majority is ready to invest small amounts in digital gold, and the growth potential and limited emissions are key factors in the attractiveness of the first cryptocurrency.

The theory of “generational preferences” is confirmed by studies in other countries. So, in South Korea – a country among which residents of cryptocurrencies are also extremely popular – millennials also turned out to be one of the most active groups of investors. Among them, crypto-investors were 22.7%. In total, among the Koreans surveyed, almost 14% invested in cryptocurrencies.

A survey on willingness to invest in digital assets was also conducted in Germany. Last fall, non-profit organizations – consumer centers – in the lands of Hesse and Saxony interviewed residents of the regions and found that 28% of respondents aged 18-29 admitted that they could purchase cryptocurrencies.

The higher the income, the more likely it is to invest in cryptocurrencies

Finally, in the matter of investing in bitcoin and other crypto assets, there is a correlation not only with age, but also with the respondents' income. This was shown by a Clovr study published last fall.

The largest number of positive answers (43%) to the question of whether they invested in cryptocurrency was given by respondents with annual incomes from $ 75 to $ 99 thousand. Although in the group with incomes exceeding $ 100 thousand, 40% were such. Millennials (41%) were also the most active group of investors, followed by representatives of Generation X (24%).

The higher the income, the greater the predisposition to cryptocurrencies. The financial advisory company deVere Group in May published the results of a survey of its customers – residents of different countries with an income of over 1 million pounds. It turned out that 68% have either already invested in cryptocurrencies, or are ready to do this before 2022. Among the preferred crypto assets, they named bitcoin, ether and ripple.

What are social studies among cryptocurrency investors talking about?

The results of various surveys cite the following conclusions:

  • Among the world population, there is a high level of awareness about the existence of cryptocurrencies. At the same time, the largest number of crypto-investors (as a share of the total population) are in developing countries, as well as in South Korea.
  • In developed countries, the share of those who own cryptocurrencies or once bought them is slightly less than 10%.
  • In almost all countries where surveys are conducted, the percentage of people wishing to invest in cryptocurrencies is several times higher than those who have already done so. Thus, there is a growth potential for the number of crypto investors.
  • Increased risks compared to other types of assets are a key reason why investors are not ready to invest in cryptocurrencies right now. They are scared away by high volatility, regulatory uncertainty, and a high probability of becoming a victim of cybercriminals.
  • In Russia, data on the total number of cryptocurrency holders varies widely – from 2% to 9% of the total population. At the same time, approximately 15% of Russians who have not yet bought cryptocurrencies are willing to invest in them, provided the risks are reduced.
  • There is a strong correlation between age and willingness to invest in cryptocurrencies. The most active crypto investors are millennials.
  • Over time, both the general awareness of cryptocurrencies and the willingness to invest in them are growing. Time plays in favor of the crypto industry.

Although the global number of cryptocurrency users is still far from being called a popular asset among investors, it has long gone beyond the narrow community.

Entering the cryptocurrency market of new participants is hindered by common problems, but it is comforting that they are all in the process of solution. And sometimes these are completely stereotypes that need to be fought, as in the case of fear of hacker attacks. Nevertheless, analysts noted a colossal reserve for an increase in the number of crypto-investors, and this indicates a further growth of the entire ecosystem.

Publication date 08/20/2019
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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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