During the Money of the Future panel at the 10th International Forum of the Financial University, economist Artem Genkin presented findings from the latest global cryptocurrency perception index and highlighted how the role of digital assets varies across countries.
Nations with widely differing development levels lead in everyday cryptocurrency use: Russia, the United States, Indonesia, the Philippines, India, Nigeria, and Pakistan. China is notably absent from the ranking due to legislative restrictions on the crypto sector.
“I identified at least six different motivations for using cryptocurrency. In some countries, like the Philippines – where remittances form the backbone of the economy – crypto is used for money transfers. Others turn to it for the convenience of foreign trade and cross-border transactions. And in countries with unstable national currencies, crypto is seen as a store of value,” Artem Genkin explained.
He pointed to Indonesia as a unique case, where the widespread popularity of online gaming has fueled the use of digital assets within gaming ecosystems.
“Perhaps this trend will fade and Indonesia may drop out of the rankings, but it clearly illustrates how consumer preferences and behavioral patterns evolve,” he noted.
The economist also addressed how private investors make decisions in the crypto market. Several studies show that many rely more on media personalities than on professional analysts.
“In some surveys, a substantial share of investors consider rapper Snoop Dogg an influential figure, an talented musician, of course, but hardly a financial analyst,” he remarked.
Entrepreneur Elon Musk, he added, also exerts considerable influence on crypto investor sentiment.
“Various studies show that 40-60% of crypto investors read Elon Musk’s tweets every day and interpret them as direct investment guidance. In my book, I describe how two of Musk’s posts influenced Bitcoin’s price by roughly 15% over just six weeks – first pushing it upward, then driving it back down,” he reminded.
Artem Genkin also pointed out that U.S. President Donald Trump has touched on the subject of cryptocurrencies, even suggesting that part of the U.S. national debt could potentially be repaid using digital assets. Still, the expert emphasized, this idea is only beginning to take shape.