Cryptocurrencies similar Bitcoin (BTC) are getting increasingly popular with Russian investors, obviously displacing traditional investment products, according to a new survey.

Russia's Association of Forex Dealers (AFD), a local self-regulatory organization focused on the strange exchange marketplace, polled 502 Russian investors to detect out the local investor sentiment regarding cryptocurrencies. Released on Tuesday, the survey was conducted from Aug. 4 to Aug. 24, 2022.

In the survey, nigh 77% of respondents said that cryptocurrencies such as Bitcoin, Ether (ETH) and Litecoin (LTC) are the "virtually forward-looking" investment. But eight.viii% of respondents indicated that they view gold as the best investment, while 14% preferred "familiar national currencies."

The survey as well found that just 23% of respondents have never used digital currencies. Out of those, more than 77% were considering investing in crypto in the near future, while but 7.6% were strongly opposed to getting involved in this blazon of investment. The remaining fifteen% said that they have not however made a final decision about whether to invest in crypto.

AFD head Evgeny Masharov said that the survey has clearly demonstrated that Russian investors now consider digital financial assets as an investment rather than just a "hype product." Final year, a survey by the Globe Gold Quango suggested that cryptocurrencies similar Bitcoin were the fifth-about popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance.

The organization volition transport the survey results to the Bank of Russia and the Country Duma Committee on Financial Markets, the AFD said.

Related: Buying Bitcoin is similar entering a minefield, Bank of Russian federation exec says

Despite Russian investors increasingly betting on cryptocurrencies, the country's central bank continues to maintain a tough stance on crypto. In June, the Bank of Russian federation's governor, Elvira Nabiullina, chosen crypto one of the most dangerous investment tools that currently exist.

While skeptical about private cryptocurrencies, the Russian central bank is currently focused on developing the digital ruble, the Bank of Russian federation's fundamental banking company digital currency project that is expected to enter trials in 2022.