Bitcoin overboard: Russians are not going to buy cryptocurrency

BITCOIN IS GOING TO $1’000’000, ETHEREUM TO 100’000! [I explain why]

CONTENT

  • Russians are ready to cut their spending by up to 20%

  • Millennials are no longer interested in buying cryptocurrency

  • Americans massively miss crypt for state money

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The consumer market in Russia is going through hard times. The coronavirus epidemic is literally destroying the market for goods in the country. Demand has fallen in virtually every sector, with the exception of food. In a “perfect storm” situation, Russians simply have no time for bitcoin, so a drop in interest in cryptocurrencies is expected in the country..

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Recent research by BCG and Romir show that virtually everyone in the country is going to significantly reduce their spending in the next few months. The Russians will save on everything, including food. As the respondents themselves admitted, they are ready to spend money only on fresh products: vegetables, fruits, meat and fish, as well as to buy food “for a rainy day”. For example, the demand for buckwheat, pasta and cereals has sharply increased in the country. Thus, Russians are trying to replenish food supplies, fearing a shortage.

Tough times will come for clothing stores. Almost all of the respondents said they were ready to cut spending on clothing and footwear, with the exception of children’s clothing. The Russians also do not plan to spend money on the purchase of household appliances, furniture and other interior items. But we are ready to buy bicycles and scooters. Most of the respondents said they were not going to give up buying a bike due to the coronavirus, as they had planned this purchase in advance..

As for the growth in consumption of services, the first place in the ranking is occupied by online trade, but only in Moscow. This means that Muscovites are not ready to give up shopping, but will only change its form. Now residents of the capital prefer to order food and other goods in online stores.

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The demand for Internet services such as online banking and online medical consultations has also increased. The overwhelming majority of respondents indicated that when they find the first symptoms of coronavirus – coughing and malaise, they will not go to the clinic, but use the online doctor’s consultation.

The results of the study confirm that representatives of all age groups are ready to reduce spending. However, millennials – people between the ages of 25 and 36 – will become the most economical. They are ready to cut up to 20% of their monthly spending during the coronavirus epidemic. They are followed by representatives of generation Z (18-25 years old), who are ready to cut no more than 15% of their spending. Baby boomers, people aged 45 and over are ready to cut no more than 12% of spending.

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Bitcoin overboard: Russians are not going to buy cryptocurrency

It is noteworthy that millennials are the most active buyers. In fact, the young and financially independent people of Russia, who are the main buyers of bitcoin, are going to significantly cut their budget. This means that cryptocurrencies were included in the list of not the most important assets on which you can and should save. Therefore, most likely, interest in MTC and other coins will decrease in Russia..

What’s in America?

 

The situation in the States, which has suffered from the influence of the coronavirus infection much more than Russia, is quite the opposite. Americans are ready to use their incentive checks to purchase cryptocurrency. According to Forbes, the government pays citizens $ 1,200 in incentive checks for the period of coronavirus infection. As a result, these funds are directed to the purchase of military-technical cooperation and other cryptocurrencies. The Americans themselves believe that the current situation is the ideal time to buy bitcoin. First, the price of the coin has dropped significantly since February 2020. Secondly, holding the May halving promises a sharp jump in price for Bitcoin.

Last week, Coinbase CEO Brian Armstrong shared a graph of user activity on the cryptocurrency exchange platform that showed a large number of transactions, worth exactly $ 1,200..

This fact confirms that US residents are ready to invest in cryptocurrencies under any market conditions..

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Bitcoin overboard: Russians are not going to buy cryptocurrency
Bitcoin overboard: Russians are not going to buy cryptocurrency
Bitcoin overboard: Russians are not going to buy cryptocurrency

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