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Russia has chosen not to invest Bitcoin in its National Wealth Fund (NWF) but rather employ more stable instruments like the Chinese yuan and gold due to concerns regarding the volatility of cryptocurrencies. The NWF, designed to fund the federal budget and stabilize the economy, had approximately $135.5 billion in assets as of March 1, 2025.
This prejudice is typical of the conservative approach by Russia towards its sovereign funds, opting for established assets that are liquid and stable rather than pursuing the perceived vulnerabilities of cryptocurrency. Sanctions and geopolitics drive the economic policy of Russia, and the calls for yuan and gold could be ahead of the signs of more attempts at diversification and shifts in geopolitics.
While this decision can have comparatively minor short-term impacts on the global cryptocurrency market, it is indicative of a pervasively held suspicion in the minds of some institutional investors about the position of cryptocurrencies as long-term assets. The NWF plays an essential role in keeping the Russian economy stable as a cushion against potential economic turmoil
