An expert on cryptocurrencies spoke about using CFA as an investment

Against the background of the recovery of the crypto market and the growing interest in digital instruments, the question is increasingly being asked: can cryptocurrencies eventually displace traditional investments and become the dominant destination for private and institutional investors. The director of communications of the cryptocurrency exchange told Izvestia about this in more detail on October 18. exmo.me Mikhail Smirnov.

The development of digital finance is gradually changing the usual structure of the investment market. Just a few years ago, the vast majority of private investors considered only classic instruments — deposits, stocks and bonds — but today more and more attention is being paid to digital assets. Among them are both state—regulated digital financial assets (CFAs) and decentralized cryptocurrencies.

"In terms of long-term dynamics, the digital asset market is indeed showing signs of maturity. Over the past five years, the infrastructure — from crypto exchanges to custodial services — has become much more stable, and the level of regulation is gradually approaching the standards of the traditional financial sector. At the same time, the number of countries where cryptocurrencies are legalized or recognized as an asset class is growing," the expert noted.

As Smirnov emphasized, in Russia, the main focus is on CFAs — digital instruments produced on licensed platforms and backed by real assets. This segment is still at an early stage of development, but it demonstrates potential in terms of digitalization of corporate and debt instruments. However, from the point of view of a private investor, it is the cryptocurrency market that looks more dynamic and profitable.

"The main difference between cryptocurrencies and CFAs is the degree of freedom. If CFAs are controlled by a regulator, have a limited set of issuers and fixed profitability parameters, cryptocurrencies represent a global market where the value of an asset is formed solely by supply and demand. This creates high volatility, but at the same time opens up opportunities for faster capital growth," he added.

As an example, the expert pointed out that since its introduction in 2009, bitcoin has risen in price from a fraction of a cent to more than $ 110 thousand in 2025, providing an average annual return that is many times higher than stock indices. Even with corrections, the cryptocurrency market has historically demonstrated cyclicity, in which periods of growth are replaced by phases of consolidation, but each new wave of the bull market brings quotes to new highs.

At the same time, cryptocurrencies are no longer perceived solely as a speculative instrument. More and more investors are considering them as a means of preserving capital in an unstable macroeconomic situation. Bitcoin has received the unofficial status of "digital gold," and the largest altcoins are becoming the technological basis for decentralized finance (DeFi), smart contracts, and asset tokenization. In fact, a new ecosystem is being formed before our eyes, in which the usual financial services — lending, insurance, exchange — are implemented without intermediaries, which means that they cost less.

This opens up several key advantages for private investors. High liquidity and round-the-clock operation of the crypto market make it more flexible compared to traditional exchanges. In addition, there is the possibility of diversification: crypto assets do not always correlate with classical markets, which reduces the overall risks of the portfolio. The main thing that is important to mention is the growth potential. Even conservative analytical forecasts indicate that with continued interest from institutional players and the introduction of bitcoin ETFs, the volume of the crypto market could double in the coming years.

"The traditional market is gradually adapting cryptotechnology, and cryptocurrencies are adapting regulatory principles and security standards. Increasingly, these approaches overlap in the format of tokenization and RWA — tokenized real assets, where digital tools are used to represent and handle traditional assets on the blockchain," Smirnov said.

According to him, if we talk about digital financial assets, their development in Russia is an example of a transitional format. CFAs combine the technological basis of the blockchain with state control, which makes this tool understandable for the regulator and investors. However, even with a high level of transparency, risks remain: the market is still forming, and cases of issuer defaults have already been recorded for a number of issues, which underscores the need for a thorough assessment of the reliability of platforms and assets.

"The yield on them is usually fixed and comparable to bonds. Therefore, despite the growing number of issuers, there is still no mass interest from private investors. Unlike cryptocurrencies, CFAs are not traded on the open market, which limits their liquidity," the expert explained.

Interest in digital currencies is also increasing from institutional players. Banks, hedge funds, and management companies include crypto assets in their portfolios as an element of diversification. This gives the market stability: the more participants with long-term strategies, the less likely there are to be sharp collapses.

According to Smirnov, cryptocurrencies are unlikely to completely replace traditional investments in the coming years, but their role in the structure of private and institutional portfolios will steadily grow. Digital currencies have already proven their resilience, ability to adapt to market conditions and serve as a long-term accumulation tool. CFAs will remain a bridge between traditional finance and the decentralized world, providing the necessary level of trust and legal protection.

"At a time when the financial system is entering a new stage of development, the key factor is not the choice between digital assets and traditional instruments, but the ability to integrate them into a single strategy. The future of investment is a synthesis of the flexibility of new forms of capital and the reliability of classical instruments. And it will depend on how quickly investors learn to take advantage of both directions, who will be ahead in the new digital economy," concluded the director of communications of the crypto exchange.

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How can this affect the market and the number of players?

Earlier, on October 17, the owner and CEO of GIS Mining, Vasily Girya, told Izvestia about the risk of bitcoin falling to $ 100 thousand. He noted that the market remained low-liquid, which makes it vulnerable to sharp drawdowns even under moderate pressure.

On October 11, it was reported that the cost of bitcoin dropped below $105 thousand for the first time since June 2025. At 00:19 Moscow time, bitcoin fell by 13.68%, reaching the level of $ 104.764 thousand. By 00:34 Moscow time, the cryptocurrency exchange rate recovered slightly to $111.338 thousand, which remained 8.25% lower than the previous level.

On October 5, the bitcoin exchange rate updated its historical maximum, exceeding the mark of $124.48 thousand. It is clarified that the previous maximum was recorded on August 14, 2025, when the value of the cryptocurrency reached $ 124.47 thousand.

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