Amid the ever-changing global economic landscape, the latest report from the Central Bank of Russia is like a pebble thrown into a calm lake, causing ripples layer upon layer. The Central Bank of Russia, which has always been cautious about crypto assets, surprisingly listed BTC as a leading financial asset in 2025 in its report. This shift is undoubtedly a strong recognition of BTC’s outstanding performance in recent years and also indicates that BTC is gradually penetrating into the investment strategies under Russia’s strictly regulated financial environment.
The Central Bank of Russia’s affirmation of the outstanding performance of Bitcoin
The official report of the Central Bank of Russia (CBR) released in May 2025 clearly pointed out that the performance of BTC over the past 12 months has been far ahead of others. The report clearly states: “The annual return rate of BTC is close to 40%, outperforming all other financial instruments analyzed.” To make this conclusion more convincing, the report conducts a comprehensive and precise comparison of the return rates of various assets, covering everything from gold, which is regarded as a traditional safe-haven asset, to Russian Federation bonds (OFZ), and even to stocks in specific industries.
Further data shows that “since January 2022, the cumulative return rate of BTC has reached 121%.” During this period, the return rates of most traditional assets did not exceed single digits. In contrast, the increase in BTC was particularly prominent.
From the two sets of data presented in Charts 36 and 37 of the report, it can be intuitively seen that the Russian Federation Bonds (OFZ), as a stable reference indicator, has maintained a moderate rate of return. The performance of ruble and euro deposits did not exceed 5% to 6% either. Gold only achieved a single-digit increase during the observation period. The performance of Russian industry stocks (energy, transportation, finance, consumer) and the Russian Trading System Index (MOEX) has all been far behind that of BTC. Even the S&P500 Total Return Index (S&P500 TR) and US Treasury bonds have performed less cumulatively than BTC.
This series of data strongly confirms the significant advantage of BTC in terms of return on investment. Although the Central Bank of Russia put forward this quantitative recognition within a neutral analytical framework, for the Russian authorities, who have always been cautious or even resistant to BTC, this is undoubtedly a major shift, and it also marks that BTC, an asset that has not received official support, is rising strongly with its outstanding rate of return.
The continuous fluctuation characteristics of Bitcoin
Although the Central Bank of Russia has emphasized the return rate of BTC, it has not overlooked its inherent volatility risk. The report specifically mentioned: “In the first four months of 2025, the price of BTC dropped by nearly 20%.” The sharp drop in this price has had a severe impact on the market. The confidence of many investors has been tested, and their investment decisions are also facing difficult choices. However, unexpectedly, the crypto asset market has demonstrated strong resilience. In April, the price of BTC rebounded strongly, increasing by more than 10%. This recovery largely made up for the losses in the first quarter.
These sharp price fluctuations undoubtedly serve as a reminder to market participants that although BTC offers an attractive rate of return, it is essentially still a high-risk asset. A sudden price correction can occur at any time. When making investment decisions, investors must fully consider this factor and conduct risk assessment and response measures.
The driving factors for the global popularity of Bitcoin
The report of the Central Bank of Russia not only focuses on the domestic market situation but also looks globally, emphasizing the external factors driving the growth of BTC. Among them, the spot BTC ETFs launched by the United States and Hong Kong have become the key driving forces. The report analysis points out: “The easier access to BTC through traditional brokers has promoted the increasing popularity of BTC.” In the past, investors who wanted to participate in BTC investment often needed to master complex digital wallet technology, which to some extent restricted the wide popularity of BTC.
The emergence of spot BTC ETFs has changed this situation. Investors can conveniently invest in BTC through traditional brokers without having to worry about complex digital wallet operations. This has greatly lowered the investment threshold and attracted the attention of more investors.
In addition, the instability of the macroeconomy is also an important factor that prompts investors to turn to BTC. Whether it is the depreciation of the ruble that has led domestic investors in Russia to seek asset preservation or the uncertainties brought about by the global trade war, both have made the market environment full of uncertainties. In this situation, depositors have turned their attention to assets denominated in US dollars. BTC, with its decentralized and limited total supply, has become one of the choices for many investors to avoid risks and preserve and increase the value of their assets.
The event that the Central Bank of Russia has listed BTC as a leading financial asset in 2025 is of profound significance. It not only recognizes BTC’s outstanding performance in the past but also affirms the development of the global crypto asset market. With the increasing popularity of BTC worldwide, its future position and role in the financial market deserve our continuous attention. Of course, while investors recognize the investment potential of BTC, they should not overlook its high-risk nature. They need to carefully weigh the pros and cons and make reasonable investment decisions.
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