Nearly Three Out of Four Russians Are Familiar With “Bitcoin”, But Under 10% Have Any Expertise

New reports show that most Russians are aware of the term “Bitcoin.” This is very positive for the most popular virtual currency that is trying to be adopted by as many users as possible. As it is expected, younger generations have a higher knowledge about the digital asset.

Majority of Russians Know Bitcoin

According to a new survey conducted by the Russian Public Opinion Research Center (VTsIOM), 56% of Russians are aware of Bitcoin. At the same time, 74% of the respondents in Russia is “familiar” to Bitcoin. However, just 9% mentioned that they have in-depth knowledge about it.

In addition to it, the report informs that just 2% of the respondents mentioned that they have invested in Bitcoin. The digital asset has been involved in different controversies and many people consider it a bad investment instrument. Moreover, 43% of the individuals surveyed said that it is not possible to buy “real-life” goods or services with Bitcoin.

Russia is one of the largest cryptocurrency markets in the world. There are many companies and developers working from Russia that are involved in digital assets and distributed ledger technology.

Young respondents, individuals with higher education, and those living in larger cities seem to know more about digital currencies than the rest of the population.

At the same time, a recent report released by Clovr shows that the majority of cryptocurrency owners in the United States are millennials that earn over $75,000 per year, generally males. There is a clear lack of women in the space and this can be seen in most of the demographic analysis released about virtual currencies and blockchain technology.

Russia is also trying to start regulating the space and providing a legal framework for digital assets to be able to operate.