Bitcoin has been one of the most profitable investments for Russians over the past year or so, and Russia’s central bank is taking notice.
Moscow’s financial authorities now regularly feature decentralized digital assets in their regular reviews of financial markets and risks.
Bitcoin named one of Russia’s most profitable investments
Bitcoin (BTC), the largest cryptocurrency by market capitalization, appears to have found a permanent spot in the charts and analysis produced by the Central Bank of Russia (CBR), which has been cautious about cryptocurrencies.
The digital coin, which was previously featured in a regulatory report, was also included in the latest Financial Markets Risk Summary for October, published this week.
The reason is simple. Bitcoin has established itself as one of the most profitable instruments for investors in Russia and around the world.
Data compiled by the bank shows that major cryptocurrencies have returned 29.4% in the past 12 months and 154.2% from 2022 onwards.
Considering just this year, that wasn’t the case. Bitcoin’s profitability fell to -6.6% during the wave of liquidations in October, and will be around -7.2% in 2025.
Gold topped the list last month, with corporate bonds hitting their highest since the beginning of the year, according to CBR, which calculates the value in Russian rubles.
In a document published on its website, the bank details:
“In October, gold showed the highest total return, similar to the previous month (+3.5%). Gold maintained its leading position among Russian financial instruments, posting a return of 21.9% over the past 12 months… However, it underperformed corporate bonds in various rating groups.”
Compared to rubles, the price of Bitcoin remains below its peak at around 8.5 million rubles (just over $104,000 at current exchange rates), compared to 11.1 million rubles in December last year, Russian crypto news outlet Bits.media noted in a post.
Another thing that stands out in the latest version of the report is that BTC is listed in a separate category marked “Reference: Individual Foreign Instruments,” which also includes the U.S. Treasury Index and the S&P 500 TR Index.
In the previous issue of the financial overview, these indicators were part of the main tables, for example in April CBR named Bitcoin one of the most profitable products in Russia.
Russian investors are targeting Bitcoin due to its profitability potential
The inclusion of Bitcoin in the list of the most profitable investments of the Bank of Russia is noteworthy for another reason. Cryptocurrency is out of reach for most Russians, at least if they want to acquire it legally.
Investing in cryptocurrencies remains largely unregulated in the Russian Federation, but the monetary authority recently indicated that it expects regulations to change through dedicated legislation.
At a fintech forum in early October, Deputy Governor Vladimir Chistyukhin argued:
“We strongly hope that in 2026 there will be legislation covering all aspects of investing in cryptocurrencies.”
Until that happens, crypto investing will be limited to an “experimental legal regime” and only accessible to “highly qualified” investors determined by income and assets.
In May, Russia’s central bank allowed financial companies to offer cryptocurrency derivatives on the domestic market, but again only to the same category of privileged companies and individuals.
It is also worth noting that derivatives only provide indirect access to cryptocurrencies, as they do not involve the actual delivery of the underlying asset.
However, despite the lack of regulatory clarity and the current restrictive regime, recent estimates suggest that as many as 20 million Russians already own $40 billion worth of cryptocurrencies.
As reported by Cryptopolitan, a poll published earlier this week showed that one in ten Russians are willing to buy cryptocurrencies. Around 60% of respondents highlighted Bitcoin’s profitability potential as the main motivation for making such a decision.
