A survey of Russian citizens shows that 44% have heard of cryptocurrencies, with 13% responding that they have a good understanding of them.

Some 56% of the surveyed group said that they have no clear understanding of what is meant by cryptocurrency, although 31% did say that they could guess what the concept is despite not having a clear understanding of the term.

Interestingly, of this 31%, the most common participant in this group was those of low incomes, measured by less than 10,000 Russian rubles (RUB) or USD 150 per family member. The group boasting the highest income of RUB 25,000 per member and above most consistently fell in the 26% that had no idea at all what cryptocurrencies were.

The two cryptocurrencies most predominantly invested in were surveyed as Bitcoin and Ethereum, with Bitcoin the crypto of choice five times more frequently.

About 76% of respondents who had purchased cryptocurrency said that their primary motive was to make a profit, with half of them saying that they had achieved their set financial goal.

Following profit, 26% said that they were motivated by a wish to follow current trends, 16% said they used it to purchase goods, and 15% invested because of increased media attention and advertising.

Romir conducted the survey as a branch of the Gallup International Association in Russia, with 1,500 Russian respondents taking part. The results were initially published on Tuesday.

Commenting on the survey, Romir’s president Andrey Milyokhin said that the results conclusively show that cryptocurrencies have not yet formed a meaningful financial instrument, dismissing them as a get-rich-quick scheme that the Russian population has experienced before and learned the better of.

A similar survey conducted in January by the All-Russian Center for the Study of Public Opinion found that over 56% of Russians had heard of Bitcoin in particular, while 74% of Moscow’s population did have knowledge of it.

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