Russian citizens have sharply increased their investments in crypto assets and precious metals in the past three years, a study conducted by the Central Bank of Russia has shown. The findings come at a time of heightened uncertainty regarding market trends, particularly in the case of cryptocurrencies.

Geopolitical, financial and economic tensions have been influencing investor decisions around the world, and Russia is no exception. Against this backdrop, Russian analysts agree with expectations that gold may continue to rise in price, but they are reluctant to engage with specific predictions about the future state of crypto markets which are currently in a decline.

Investments in crypto and gold jump in Russia since 2022

Russians have tripled their investments in cryptocurrencies over the course of the past three years while their investments in precious metals have increased six times during the same period. That’s according to a nationwide consumer finance survey of Russian households carried out by the country’s monetary authority.

The median amount invested in cryptocurrencies per household has jumped from 18,000 Russian rubles (over $210) in 2022 to 45,000 rubles (almost $530) in 2024, Deputy Chairman of the Central Bank of Russia (CBR) Alexey Zabotkin revealed, announcing the results of the study.

The average size of crypto investments has decreased over the said three years, from 245,000 (approximately $2,900) to 189,000 rubles ($2,200), but the authors say this shows an increase in the number of crypto investors. They also believe that the median value is a better indicator than simple average values.

While crypto assets are yet to become a more common investment option in Russia, with 0.5% of households currently holding digital assets like Bitcoin, investments in more traditional assets such as gold, silver, and platinum are more popular than ever.

The median investment in precious metal accounts, a convenient alternative to storing physical metals, was 6,000 rubles in 2022. It has since seen a six-fold increase to 38,000 in 2024, with this growth largely attributed to the global rise in gold prices, Rossiyskaya Gazeta highlighted in an article.

During the same period, household investments increased in almost all types of financial assets, with their median size growing by one and a half times, Zabotkin detailed. He emphasized that assets in real terms have increased in all decile income groups.

Russian investors interested in growing assets such as gold

Investors are looking for growing assets, and gold and Bitcoin have shown significant growth over the past three years, remarked Alexander Potavin, an analyst at the Russian investment company Finam, who commented on the central bank’s data.

“Investments in gold have brought investors a good profit, since in the first quarter of 2025 alone, the price of gold increased by 18.6%. And by the end of 2024, gold had grown in price by almost 26%,” he elaborated.

“The price of gold has already exceeded $3,100 per ounce, and the largest investment banks expect it to remain in this range, and possibly grow to $3,300-3,500 with increasing geopolitical and economic risks by the end of 2025,” noted Dmitry Tselischev, managing director of the investment firm Rikom-Trust.

Cryptocurrency investments, however, remain particularly risky, the executive warned, reminding readers that Bitcoin (BTC) fell to around $16,000 in 2022 and then reached its historical maximum when it exceeded $100,000 per coin in 2024, before dropping again in 2025.

Potavin pointed to this year’s significant losses for all major cryptos, attributing those to unfulfilled expectations, and commented: “Nothing had previously foreshadowed a decline, given Donald Trump’s rise to power and his support for the sector. But the creation of a U.S. crypto reserve, which investors were counting on, turned out to be not what everyone expected from Trump.”

The increase in crypto investments comes despite the digital assets remaining largely unavailable to ordinary Russians, at least officially. In March, Russia’s central bank proposed to allow only “highly qualified” investors to legally trade cryptocurrencies in the country. To fall in that category, citizens would need to have invested over 100 million rubles (almost $1.2 million) in securities and deposits or prove an annual income exceeding 50 million rubles in the past year.

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