Mikhail Mishustin – Russia’s Prime Minister – believes the Russian population collectively holds more than 10 trillion rubles ($130 billion) worth of cryptocurrencies. He assumed that most of those individuals were from the younger generations.
7% of Russians are HODLers
In addition to being in the global spotlight due to its “special military operation” in Ukraine, Russia is also often in the headlines in the cryptocurrency space. Authorities in the largest country by landmass have been mostly against bitcoin and altcoins in the past. Earlier this year, the Bank of Russia proposed the implementation of a total crypto ban within the country’s borders.
Later on, numerous government officials started softening their tone. At one point, even President Vladimir Putin said he sees potential in the sector, especially in cryptocurrency mining, as it could grant Russia “certain competitive advantages.”
It should also be noted that the asset class is a very intriguing niche for locals. Several reports have revealed that it has become an even more preferable investment vehicle after the western world imposed crippling financial sanctions on Russia due to its military conflict with Ukraine.
In a recent appearance, the Prime Minister of the country – Mikhail Mishustin – claimed that residents own more than $130 worth of digital assets. According to his estimations, the total number of HODLers is around 10 million, primarily young people. Interestingly, this represents approximately 7% of Russia’s population:
“We are well aware that we have more than 10 million young people who have so far opened crypto wallets to which they have transferred large sums, which exceed 10 trillion rubles.”
Commentating on Mishustin’s assumption was Jonny Tickle – a British journalist who formerly lived in Moscow. He said the numbers are not surprising since many Russians focused on bitcoin after the ruble sank last month.
Previous estimates
In February, the Kremlin estimated that Russians collectively held more than $214 billion worth of cryptocurrencies. This figure represented approximately 12% of the total value of global digital assets (at the time). Additionally, the government has claimed that this number could be higher as some traders conceal their crypto activities.
Shortly after, Anton Siluanov – Russia’s Minister of Finance – opined the figure is significantly exaggerated. In his view, local investors hold not more than $26 billion worth of digital assets.
