Nearly half of Russia’s retail investors believe cryptocurrencies such as Bitcoin are a hedge asset linked to stable income, say the findings of a new survey.

A total of 1,000 Russian retail investors were polled by Investing.com to determine the most popular types of alternative investments.

Some 46% of those surveyed said cryptocurrencies were a potential defensive asset, permitting them to hedge against financial risks during an economic crisis.

Investors in Russia opted for crypto over real estate, with just 37% of people considering real estate as an effective investment instrument.

Out of several digital currencies, Bitcoin is the most popular alternative investment for Russian retail investors, according to the findings. Research carried out by data platform Brand Analytics showed Bitcoin was the most popular cryptocurrency in the country in October, surpassing others such as Litecoin and Tether in regard to social media mentions, Cointelegraph reports.

Over the past few years, cryptocurrencies have been increasing in popularity among Russian investors. A total of 77% of Russian investors preferred Bitcoin to gold in a survey carried out last year. These investors said cryptocurrencies such as Bitcoin, Ether and Litecoin are the “most forward-looking” investment. 8.8% of respondents cited gold as the best investment, while 14% preferred “familiar national currencies.”

Damian Courvalin, Goldman Sachs’ head of energy research commented earlier this month: “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.”

Last week, the Bank of Russia published a financial stability report, noting Russia’s increasing role in the $2.8 trillion cryptocurrency market. The country ranks third in the world in regard to national Bitcoin hash rate, and is one of the biggest users of the Binance crypto exchange, the Cointelegraph report adds.