Bitcoin tops Russia’s investment charts as central bank tracks its massive gains

Bitcoin has emerged as one of the most profitable investments for Russians in the past year. Recognizing this, Russia’s central bank has started including the decentralized digital asset in its periodic reviews of financial markets and risks. In its latest Financial Market Risks Overview for October, the Central Bank of Russia (CBR) noted Bitcoin’s significant performance, highlighting its importance in investment analysis.

According to the CBR, Bitcoin has delivered impressive returns, with a 29.4% gain over the past 12 months and an astounding 154.2% since 2022. However, the cryptocurrency faced challenges in recent months. In October, Bitcoin’s profitability turned negative at -6.6%, with a total decline of -7.2% projected for 2025. Other investment assets, such as gold and corporate bonds, performed better during this period – gold leading with a 3.5% total return in October and 21.9% gains over the past year.

In Russian ruble terms, Bitcoin’s price has not yet recovered to its peak of 11.1 million rubles in December of last year, standing at around 8.5 million rubles (approximately $104,000 at current exchange rates). Despite this, the cryptocurrency has been highlighted under a new "For reference: individual foreign instruments" category in the CBR report. This category also includes benchmarks like the U.S. Treasury Bond Index and the S&P 500 TR Index, underscoring Bitcoin’s significance among global financial instruments.

Bitcoin’s inclusion in Russia’s investment rankings is notable given that cryptocurrencies remain largely unregulated in the country. Currently, crypto investments fall under an experimental legal regime, accessible only to “highly qualified” investors defined by income and assets. Deputy Governor Vladimir Chistyukhin of the central bank has expressed hopes for comprehensive cryptocurrency legislation by 2026. Until then, most Russians face restrictions in acquiring Bitcoin legally.

Despite the regulatory hurdles, cryptocurrency adoption is growing in Russia. An estimated 20 million Russians own more than $40 billion worth of cryptocurrencies, according to recent data. A poll indicated that one in 10 Russians is ready to invest in cryptocurrencies, with 60% citing Bitcoin’s profitability potential as the primary motivation. This underscores the increasing interest among individuals, even as institutional adoption remains restrained by existing laws.