Bitcoin Tops All Assets, Says Russian Central Bank Report

Amid the reconfiguration of global economic balances, the Central Bank of Russia surprises. In its latest report, it ranks bitcoin as the leading financial asset for 2025. An unexpected recognition from an institution that has so far been cautious toward cryptocurrencies. This turnaround highlights both the remarkable performance of the asset and its growing integration into investment strategies, even within a financial environment as controlled as that of Russia.

An Outstanding Performance According to the Russian Central Bank

In an official report published in May 2025, the Central Bank of Russia (CBR) acknowledged the exceptional performance of bitcoin over the last twelve months.

“Bitcoin outperformed all other analyzed financial instruments with an annual return close to 40%”, it states in the document.

The report provides a precise comparison of returns across various assets, from gold to Russian federal bonds (OFZ), including sector-specific stocks.

Moreover, “the cumulative return of bitcoin since January 2022 reaches 121%”, continues the report, a massive leap compared to traditional assets, most of which do not exceed single-digit gains.

This analysis is based on two data series shown in charts 36 and 37 of the report, comparing performances of a wide range of financial instruments over 12 months and since January 2022. Among the assets analyzed are notably:

• Russian federal bonds (OFZ), traditionally used as a reference for stability, whose returns have remained very moderate;
• Deposits in rubles and euros, whose performances did not exceed 5 to 6%;
• Gold, which only showed single-digit gains during the observed period;
• Russian sectoral stocks (energy, transport, finance, consumption), as well as the MOEX index, all outperformed by bitcoin;
• The S&P 500 TR and U.S. Treasury bonds, also beaten by crypto in terms of cumulative performance.

This quantified recognition, although presented in a neutral analytical framework, breaks from the historically cautious, even reluctant, positions of Russian authorities toward bitcoin.

It highlights the rise of an asset which, while not officially supported, now asserts itself through the evidence of its returns.

Persistent Volatility and Global Adoption

While the Russian Central Bank highlights bitcoin’s returns, it does not overlook the inherent risks of its volatility. The report notes that “the first four months of 2025 were marked by a nearly 20% drop in the bitcoin price“, a setback that seriously shook markets and tested investors’ resilience.

However, crypto quickly rebounded, recording an increase of over 10% in April, which helped mitigate first-quarter losses. These sharp fluctuations remind us that bitcoin, despite its appeal, remains a high-risk asset subject to sudden corrections.

Beyond the Russian sphere, the CBR report highlights external factors that supported bitcoin’s growth. The emergence of spot Bitcoin ETFs, especially in the United States and Hong Kong, played a decisive role.

“Easier access via traditional brokers contributes to the growing adoption of bitcoin”, states the analysis, emphasizing that investors no longer need to master the complexities of digital wallets.

Moreover, macroeconomic instability, whether it be a depreciation of the ruble or an uncertain global environment linked to the trade war, drives savers toward dollar-denominated assets such as bitcoin.