Russia has always been a remarkable country for many different reasons. During these times of corona, the residents are slowly turning to different investment options, as well as hoarding cash.
The coronavirus crisis wreaks havoc upon the financial industry.
Cash and Bitcoin Reign Supreme in Russia
It forces consumers, corporations, and investors to properly rethink their wealth management in an active manner.
One thing seems certain in Russia: the trust in banks is on the decline at an accelerating pace.
More cash money has been withdrawn in March 2020 compared to all of 2019.
That in itself shows that “going cashless’ is merely designed to put banks in firmer control, yet consumers need to avoid that at all costs.
Another interesting development pertains to Bitcoin and cryptocurrencies.
Earlier this month, it was confirmed that Russian traffic to crypto exchanges rose significantly.
That now translates to more trading volume for Bitcoin and top altcoins, at least where the domestic trading platforms are concerned.
Interestingly enough, this momentum isn’t unique to Russia by any means.
In fact, it would appear to be part of a global trend that keeps gaining momentum as time progresses.
All of this should be beneficial to the cryptocurrency industry in the long run, albeit it is too early to draw real conclusions.