Mikhail Mishustin, Russia’s Prime Minister, believes that the Russian population has more than 10 trillion rubles ($130billion) worth of cryptocurrency. He believed that the majority of those people were younger generations.
7% of Russians are HODLers
Russia is often the focus of attention in the cryptocurrency space, in addition to being the subject of a “special military operation” in Ukraine. In the past, the authorities of the largest country in terms of landmass were overwhelmingly against bitcoin and other altcoins. The Bank of Russia suggested earlier this year that a complete crypto ban be implemented within the country’s borders.
Many government officials began to soften their tone later. Even President Vladimir Putin stated that he saw potential in the sector, particularly in cryptocurrency mining. This could give Russia “certain competitive advantage.”
The asset class is also a very interesting niche for local residents. Numerous reports have revealed that the asset class has become a more attractive investment option after crippling financial sanctions were imposed on Russia by the West due to its conflict with Ukraine.
Mikhail Mishustin, the Prime Minister of Russia, claimed that the country’s residents have more than $130 in digital assets. His estimates put the number of HODLers at around 10 million. Most of them are young people. This represents approximately 7% Russia’s total population.
“We know that more than 10,000,000 young people have opened crypto wallets, on which they have transferred large amounts of money. This is in excess of 10 trillion rubles.
Jonny Tickle, a British journalist who lived in Moscow at the time, commented on Mishustin’s assumption. He stated that the numbers were not surprising, as many Russians have been focusing on bitcoin since the fall of the ruble last month.
Russian Prime Minister Mishustin claims that Russians have already invested around 10 trillion rubles ($130 million) in cryptocurrency. It’s not surprising. Many bought bitcoin in haste when the ruble was going to tank. It is also being used by foreigners to escape Russia. pic.twitter.com/o9R3VQRtP0
— Jonny Tickle (@jonnytickle) April 7, 2022
The previous estimates
Kremlin estimates that Russians have more than $214 billion in cryptocurrencies. This figure was around 12% of total global digital asset holdings at the time. The government also claimed that this figure could be higher because some crypto traders hide their activities.
Soon after, Anton Siluanov, Russia’s Minister for Finance, stated that the figure was significantly exaggerated. According to him, the value of digital assets held by local investors is less than $26 billion.
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