根據俄羅斯中央銀行的數據，比特幣（BTC）是2025年的領先金融資產

在重新配置全球經濟餘額中，俄羅斯中央銀行感到驚訝。在其最新報告中，它將比特幣視為2025年的領先金融資產。

Amid the reconfiguration of global economic balances, the Central Bank of Russia makes a surprising appearance. In its latest report, the institution ranks bitcoin as the best-performing financial asset for 2025. An unexpected recognition from a bank 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.

在重新配置全球經濟平衡的情況下，俄羅斯中央銀行的外觀令人驚訝。該機構在其最新報告中將比特幣視為2025年表現最好的金融資產。一家銀行對加密貨幣持謹慎態度的意外認可。這種轉變凸顯了資產的顯著績效及其在像俄羅斯一樣受控的金融環境中，其不斷增長的融合到投資策略中。

An Outstanding Performance According to the Russian Central Bank

根據俄羅斯中央銀行的出色表現

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.

在2025年5月發布的一份官方報告中，俄羅斯中央銀行（CBR）承認比特幣在過去十二個月中的出色表現。

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

CCNR看到的文檔中說：“比特幣的年度收益接近40％的年收益接近40％的所有其他分析的金融工具。”

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

該報告對各種資產的收益進行了精確比較，包括黃金，俄羅斯聯邦債券（OFZ）和特定部門的股票。

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.

此外，“自2022年1月以來比特幣的累積回報率達到121％”，該報告繼續進行，與傳統資產相比，這是一個巨大的飛躍，其中大多數資產不超過單位數字的收益。

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:

該分析基於該報告的圖表36和37所示的兩個數據序列，比較了12個月內的各種金融工具的性能。

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

這種量化的認識雖然在中立的分析框架中提出，但它卻使俄羅斯當局對比特幣的謹慎，幾乎不情願的立場脫穎而出。

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

它突出了資產的興起，儘管該資產沒有正式支持，但現在通過其回報的證據主張了自己。

Persistent Volatility and Global Adoption

持續的波動和全球採用

While the Russian Central Bank highlights bitcoin’s returns, it does not overlook the risks linked to 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.

儘管俄羅斯中央銀行強調了比特幣的回報，但它並沒有忽視與其波動性有關的風險。該報告指出：“ 2025年的前四個月的標誌是比特幣價格下降了近20％”，這種挫折嚴重震撼了市場並測試了投資者的韌性。

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.

但是，加密貨幣迅速​​反彈，4月份的增長超過10％，這有助於減輕第一季度的損失。這些急劇的波動提醒我們，儘管比特幣吸引了比特幣，但仍是一項高風險的資產，需要突然糾正。

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.

除俄羅斯領域外，CBR報告還強調了支持比特幣增長的外部因素。比特幣ETF的出現，尤其是在美國和香港，發揮了決定性的作用。

“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.

分析說：“通過傳統經紀人更容易獲得比特幣的採用”，強調投資者不再需要掌握數字錢包的複雜性。

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

此外，宏觀經濟不穩定，例如盧布的貶值或與貿易戰有關的不確定的全球環境，將儲蓄者驅動到像比特幣這樣以美元計數為單位的資產。