TNW Conference 2022 will be bigger, bolder, and better! Get your tickets now >>

Inside money, markets, and Big Tech

This article was published on April 10, 2019

Only 9% of Russians actually know anything about Bitcoin

Russia doesn't know shit about Bitcoin

Only 9% of Russians actually know anything about Bitcoin
Matthew Beedham
Story by

Matthew Beedham

Editor, SHIFT by TNW

Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls. Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls.

A recent survey conducted by the state-owned Russian public Opinion Research Center (VTsIOM) has found the country is well acquainted with the term Bitcoin, but lacks a detailed knowledge of cryptocurrency.

According to the results, 56 percent of Russians know about Bitcoin and 18 percent have heard of the term. But only nine percent said they have a detailed knowledge of the cryptocurrency.

The survey interviewed 1,600 Russians aged 18 and over, via telephone on April 4, 2019.

As you might expect, the level of Bitcoin awareness is greatest among younger generations; 67 percent of 18-24 year olds said they are aware of it.

Some 37 percent of respondents who know about or have heard about Bitcoin said they are sure anyone can buy the cryptocurrency. Interestingly, 12 percent thought it was banned in Russia, which is technically not true as cryptocurrencies remain unregulated in the country.

Perhaps most resoundingly is that of those that know about Bitcoin, 65 percent think it’s a bad investment. Only 2 percent of people in this group have actually ever bought any.

Either Russians aren’t actually that keen on buying the cryptocurrency, or maybe, in the face of a state-backed survey, they’re just keeping their cards close to their chest.

While this survey might show that the Russian public might not know much about Bitcoin, the same can’t be said of the government.

Last month, the Russian government removed any mention of cryptocurrency from its digital asset bill. Reports have also suggested that the country is leveraging Bitcoin to bypass trade sanctions, mostly those imposed by the US.

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Also tagged with