More and more Russians want Bitcoin

The relationship between Bitcoin and Russia remains tense. The Kremlin is not exactly opposed to foreign currencies, even more so when it comes to cryptanages. On the other hand, interest in the Russian population is growing, which is reflected in the growing demand for Bitcoin. Compared to the ruble, the Bitcoincurs has been growing continuously for some time. This is due, among other things, to the rise in inflation, which allows traders and investors to flee to other asset classes. Finally, high inflation reduces domestic purchasing power, so that more and more assets are withdrawn from Russia. Even if the investment in Russia is not as complicated and obstinate as in China, it is anything but easy.

While inflation is now halfway under control again, the loss of confidence in the currency and in the financial institutions remains the same, and thus the demand for alternative financial investments.Furthermore, cryptic diseases are becoming more and more popular among the population – the level of awareness increases. A trend which the Russian government, with its sometimes restrictive attitude, can not prevent. In the meantime, Russia is even more interested in the blockchain technology, which could lead to an increase in the openness of Bitcoin by the government, even though the Kremlin probably would not officially admit it.

Nevertheless, the expectations should not be too high, as regards the near-term perspective of Bitcoin in Russia. As before, only a few bitcoins are traded on central trading platforms. The most sales are in Russia via LocalBitcoin. Every week, approximately 4 million US dollars are spent in Bitcoin. A rather small number, so that with all optimism it will probably take a while before the sales reach the European or American market.

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