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

Bitcoin has been one of the most profitable investments for Russians in the past year or so, and Russia’s central bank is taking note of that.

The monetary authority in Moscow is now regularly featuring the decentralized digital asset in its periodic reviews of financial markets and risks.

Bitcoin listed among Russian investments with highest returns

Bitcoin (BTC), the cryptocurrency with the largest market cap, seems to have found a permanent spot in the charts and analyses produced by the otherwise crypto-wary Central Bank of Russia (CBR).

The digital coin, which was introduced to the regulator’s reports earlier, is also in its latest Financial Market Risks Overview for October, released this week.

And the reason is simple – Bitcoin has established itself as one of the most profitable instruments for investors in Russia and around the world.

The leading crypto has provided 29.4% returns over the past 12 months and 154.2% since 2022, shows to the data compiled by the bank.

That hasn’t been the case, if this year alone is taken into account – Bitcoin’s profitability dropped to negative 6.6% amid a wave of liquidations in October, and has been around -7.2% for 2025.

Gold was at the top of the table last month while corporate bonds scored the highest since the beginning of the year, according to the CBR, which makes its calculations in Russian rubles.

In the document published on its website, the bank elaborated:

“In October, gold demonstrated the highest total return, as it had in the previous month (+3.5%). It retained one of the leading positions among Russian instruments, returning 21.9% over the past 12 months … but underperformed corporate bonds from various rating groups.”

In a pair with the ruble, Bitcoin’s price remained below its peak – around 8.5 million rubles (a little 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.

Something else that stands out in the latest edition of the report is that BTC is now listed under a separate category marked “For reference: individual foreign instruments,” which also features the U.S. Treasury Bond Index and the S&P 500 TR index.

In previous issues of the financial overview, these indicators were part of the main table, for example, in April, when the CBR also placed Bitcoin among the most profitable instruments in Russia.

Russian investors are after Bitcoin for its profitability potential

Bitcoin’s inclusion in the Bank of Russia’s list of most profitable investments is remarkable for one more reason – the cryptocurrency is out of reach for most Russian citizens, at least if they want to acquire it legally.

Crypto investments are still largely unregulated in the Russian Federation, although the monetary authority recently indicated it expects that to change through a dedicated law.

During a fintech forum in early October, its Deputy Governor Vladimir Chistyukhin insisted:

“We would very much like to see legislation covering all aspects of investing in cryptocurrencies adopted in 2026.”

Until that happens, crypto investments will remain confined to an “experimental legal regime,” which is only accessible to “highly qualified” investors, as determined by their income and assets.

In May, the Russian central bank allowed financial firms to offer crypto derivatives on the domestic market, yet again, only to the same category of privileged corporations and individuals.

It’s also worth noting that the derivatives provide only indirect access to crypto as they do not involve the actual delivery of the underlying assets.

However, despite the lack of regulatory clarity and the currently restrictive regime, as many as 20 million Russians already own over $40 billion worth of cryptocurrencies, according to a recent estimate.

A poll published earlier this week showed that one in 10 Russians is open to buying cryptocurrency, as reported by Cryptopolitan. Some 60% of the respondents highlighted Bitcoin’s potential for profitability as their main motive for such a decision.

Get up to $30,050 in trading rewards when you join Bybit today