Estimates from government officials based on the IP addresses show that Russians may hold around 16.5 trillion rubles ($214 billion) worth of cryptocurrencies.
$214 billion represents about 12% of the global crypto holdings or about a third of the market capitalization of Russia’s benchmark stock index.
Back in December 2021, the head of the lower house of parliament’s financial markets committee, Anatoly Aksakov, declared that Russians owned 5 trillion rubles worth of crypto.
It is speculated that the $214 billion number may actually be the lowest estimate since many Russians probably use VPNs for purchasing and selling crypto in a more private way.
Alexander Filatov, the CEO, and co-founder of blockchain developer TON Labs stated:
“Russians really do have a lot of money in cryptocurrency, but it’s hard to value the true amount. Many people are using cash, derivative instruments, or have two passports and can open a crypto wallet in someone else’s name.”
According to tripleA, a Singapore-based payment gateway, over 17 million Russians currently own crypto. About 60% of them are in the 25 – 44 age group.