Key Takeaways
- 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.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
