Vol 4, No 1 (2025)

global interest in cryptocurrencies as investment instruments is rapidly increasing, increasingly opening up prospects for their use as reserve assets by state institutions. Against this backdrop, the need arises for more accurate methods to evaluate the value of such digital assets. This article examines the Stock-to-Flow model as a fundamental approach to assessing the value of Bitcoin, with particular emphasis on its applicability and accuracy under current market conditions. Historical data analysis shows that starting from the fourth halving, the classic model begins to systematically overestimate the expected price of the asset, despite accurately reflecting Bitcoin’s underlying cyclical patterns. As a scientific contribution, a modification of the classical Stock-to-Flow model is proposed: by smoothing time series, applying seasonal decomposition, and isolating the cyclical component, a more moderate growth curve is formed. This new model, while preserving the Stock-to-Flow framework, provides a more balanced prediction of Bitcoin’s long-term value dynamics. Consequently, the resulting modification can serve as a more reliable tool for medium- and long-term cryptocurrency price forecasting.

the article examines the economic situation in the context of international trade restrictions and financial sanctions. Russian enterprises are forced to adapt to new realities, develop internal self-sufficiency mechanisms and look for alternative sales markets. The need for an innovative approach to management has become a top priority for government agencies and businesses. In conditions of economic isolation, there is a need to redistribute resources, boost domestic production and stimulate scientific and technological progress. This requires participants in economic processes to analyze current realities in depth, develop diversification strategies, and implement modern management practices. The purpose is to analyze the economic development of Russia in recent years and identify relevant areas for the necessary development of the economic system. Methods: when writing the paper, methods of analyzing statistical data, as well as scientific sources on a given issue, were used. Results: the analysis revealed the main trends in the development of the Russian economic system under sanctions, identified the reasons for the positive dynamics, and identified the problems of the economic state. Conclusion: based on the results of the study, the main areas that are priorities for the state in order to develop the economic sector have been identified.

in today's market, saturated with many brands and products, the issue of effectively attracting consumer attention is becoming particularly relevant. The article is devoted to the study of visual merchandising strategies aimed at increasing the visibility of goods in retail outlets. The paper examines the key aspects of using the color palette and compositions that enhance the visual appeal of the brand and stimulate customer activity. The article presents the theoretical basis of visual perception, where the psychological mechanisms of reaction to color and shape are discussed. Examples of successful practices of using visual elements on the shelves of well-known supermarkets are given and their impact on consumer behavioral reactions is analyzed. Practical recommendations on the integration of color and composite solutions in packaging design and product exhibition are also offered. The research is based on empirical research data, including an analysis of various color schemes, their combinations and product placement on the shelf, as well as a methodology for testing prototypes in real conditions. The results of the work demonstrate the importance of thoughtful design and placement of goods to increase their competitiveness and attract the attention of customers. The proposed techniques can be useful for marketers, branding and merchandising specialists seeking to optimize strategies for the visual positioning of their products in retail. Thus, the practical approach presented in the article contributes to the development of integrated solutions to improve the effectiveness of marketing campaigns focused on visual interaction with consumers at the retail level.

in the era of digitalization, Russian financial institutions are facing the need to rethink traditional approaches to operations management. To maintain competitive advantages and improve efficiency, increasing attention is being paid to the introduction of automation technologies. Tools such as artificial intelligence, blockchain and big data analytics create conditions for transformation of key processes, which is especially relevant in the context of growing transaction volumes and increasing customer demands. The aim of the article was to study modern technologies with high potential for improving the performance of Russian financial organizations. Methods: the paper uses the methods of system analysis and comparative approach. Special attention is paid to the study of successful cases of technology use in foreign and domestic financial organizations. Findings: The findings of the study indicate that the adoption of innovative solutions such as VR/AR, blockchain, artificial intelligence, and ecosystems are opening new horizons of growth for financial organizations. Virtual and augmented reality technologies turn customer interactions into an engaging and efficient process while optimizing internal operations. Blockchain creates a secure and transparent infrastructure for asset and data management, minimizing costs. Artificial intelligence can not only speed up operational processes, but also make them more flexible and accurate, personalizing services for each customer. Ecosystems integrate a variety of services into a single platform, forming a convenient and comprehensive environment for users. The synergy of these technologies contributes not only to the growth of operational efficiency, but also to the creation of long-term competitive advantages. Conclusions. The main conclusions of the paper emphasize that the introduction of automation technologies can significantly reduce operational costs and improve the accuracy of data processing. For example, the use of artificial intelligence for risk analysis and application processing reduces the time and financial costs of routine operations. At the same time, the use of blockchain technology improves the transparency and security of transactions, which is becoming critical in the face of growing cyber threats.

this paper analyzes the factors influencing Russia's economic security in the context of global challenges. Materials and methods. The study used data from the Rosstat website, as well as statistical analysis methods to confirm the reliability and completeness of the information collected. Results and discussions. An in-depth analysis of these indicators makes it possible to identify potential risks in a timely manner and develop effective mechanisms to ensure national economic security. Macroeconomic parameters, including the dynamics of inflationary processes, the level of employment, real disposable incomes of citizens, production capacity and the state of the financial sector, form a comprehensive assessment of the economic stability of the state. Despite the ongoing sanctions, the unemployment rate in Russia decreased between 2019 and 2021, indicating economic stability. Exports also increased significantly, providing a positive current account balance of $120.3 billion, which is 6.7% of GDP. Since February 2022, Russia has been reviewing its economic strategies. Conclusions. The findings of the study emphasize the need to implement key measures to enhance Russia's economic security in the face of global challenges. The measures proposed by the authors will contribute to sustainable economic growth and adaptation to changes in the global economy.

the article discusses issues of legal regulation and practice of applying regional state control over the retail sale of alcoholic beverages using the example of the Primorsky Territory.The relevance of the study is due to the importance of ensuring compliance with legislation in this area to protect public health, prevent illegal trafficking of alcoholic beverages and generate regional budget revenues.Based on the analysis of Decree of the Government of Primorsky Territory dated September 20, 2021 No. 623-pp and related regulations, key aspects of the organization of regional control are examined, problems of law enforcement practice are identified and their impact on the effectiveness of state regulation is assessed.As a result of the study, recommendations were proposed for improving the regulatory framework and control mechanisms aimed at increasing the transparency and efficiency of supervisory activities in the field of retail trade in alcoholic products.

рublic investment projects are essential for economic growth, social development, and environmental sustainability. However, traditional evaluation methods–such as Cost-Benefit Analysis (CBA), Cost-Effectiveness Analysis (CEA), and Environmental Impact Assessment (EIA)–often fall short when applied to complex, modern projects. These approaches frequently neglect non-monetary benefits, long-term environmental impacts, social equity, and ethical considerations. As a result, decision-making can be incomplete, biased, and inequitable. This study introduces the Comprehensive Impact Analysis (CIA) framework, which aims to overcome these shortcomings by offering a more holistic and inclusive evaluation tool for public investment projects. Using a qualitative research design, the study conducts an extensive literature review to assess existing evaluation approaches and identify critical gaps. The proposed CIA framework integrates economic efficiency, environmental sustainability, social equity, ethical responsibility, and risk management into a single cohesive model. It enhances traditional analysis with advanced tools such as Multi-Dimensional Net Present Value (MNPV), Equity-Adjusted NPV (EANPV), and Risk-Adjusted NPV (RNPV). The framework’s adaptability was tested across diverse sectors, including infrastructure, healthcare, environmental conservation, education, and social welfare. Results confirm that CIA captures long-term, non-monetary, and ethical impacts often overlooked by conventional methods, equipping policymakers with a robust, data-driven tool for inclusive and sustainable decision-making.

this paper examines the role of public investment funds in ensuring economic security. It is emphasized that these funds play a key role in attracting investments, promoting sustainable economic growth and diversifying the investment portfolio. Materials and methods. Data from the Rosstat website was used as research materials. The work uses methods of scientific knowledge, as well as systematic and economic approaches, including investment analysis. The results of the study demonstrate that investment activity contributes to the development of the state and the formation of reserves to ensure economic stability. The main challenges for sustainable investments and capital investments remain a shortage of working capital, high key interest rates and economic instability. An analysis of the structure of investment resources indicates a more than twofold increase in gross savings in 2022 compared to 2015 and a 19% increase in 2023. The findings of the study emphasize the importance of improving the role of public investment funds to ensure economic security. Modern technologies and improved management mechanisms are key to improving their effectiveness. The use of blockchain and analytical tools increases transparency and reduces risks, while the creation of independent expert groups and the modernization of decision-making processes enhance the strategic orientation of funds.