Report ranks crypto next to gold in popularity with Russian investors

Crypto seems to be nearly as popular as gold among Russian investors.

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.

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.

As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond.

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.