Russia Snubs Bitcoin, Turns to Yuan and Gold For National Reserves

• Russia’s sovereign wealth fund is comprised of up to 60% Chinese yuan and up to 40% gold.
• The U.S. plans to create a crypto national reserve comprised of Bitcoin, Ethereum, Ripple, Solana, and Cardano.
• Gold has increased 2.36% in the past 30 days, while BTC has decreased 6.2% in the same period.

As more countries around the world explore Bitcoin (BTC) and cryptocurrencies for their treasuries, Russia’s Finance Ministry is opting for a more traditional route, prioritizing the Chinese yuan and gold to strengthen its economy.

However, while crypto isn’t entirely off the table, its inclusion in a national wealth fund remains uncertain and, for now, premature.

No to Crypto, For Now

Russia has no plans to include Bitcoin or other cryptocurrencies in its National Wealth Fund (NWF), Deputy Finance Minister Vladimir Kolychev confirmed, per local media reports.

“No. Gold and yuan,” Kolychev stated, emphasizing that the fund will continue holding its existing assets.

Before Russia invaded Ukraine, the NWF held euros (EUR), British pounds (GBP), Japanese yen (JPY), Chinese yuan (CNY), rubles (RUB), and gold.

However, following Western sanctions, its holdings were reduced to CNY, RUB, and gold.

As of Feb. 1, 2025 , the fund was valued at approximately $122.1 billion , with an estimated 60% in CNY and 40% in gold.

When asked whether Russia might establish a national crypto reserve similar to the one proposed by U.S. President Donald Trump, Kolychev deferred to the Central Bank, stating he was unaware of any such discussions. He added that crypto’s volatility makes it unsuitable for the NWF.

“Moreover, crypto assets are an asset with increased volatility. We have never considered the NWF for ourselves, and we do not plan to consider it.”

He further explains that the NWF has set out to accumulate 7% to 10% of GDP in “very-risk-free assets” that can be easily offloaded “up to a certain level.”

After reaching said threshold, he explains that it might be possible to seek out “less liquid and, possibly, more profitable assets” for the fund.

However, he notes, they are “far” from said level.

Gold Outshines Bitcoin

Amid a souring tariff war kicked off by Trump, global and crypto markets are experiencing notable pressure.

It has spurred weeks of volatility, Bitcoin exchange-traded fund (ETF) outflows, and major sell-offs, leading to BTC’s tumble below $80,000.

Meanwhile, gold is performing well as a safe-haven asset, barely nudging under increasingly tense market conditions.

At press time, gold was trading up 2.36% in the past 30 days at $2,914.76 per oz. Meanwhile, BTC went down 6.20% in that same period to $89,615.