Central banks’ record demand for gold is reshaping global reserve strategies — and may pave the way for Bitcoin to emerge as a future reserve asset, according to Deutsche Bank’s latest report.
Global central banks are buying gold at the fastest pace in decades, marking a historic shift that could influence Bitcoin’s path as a future reserve asset, according to a new analysis by Deutsche Bank. The report highlights that gold’s share of central bank reserves reached 24% in the second quarter of 2025 — its highest level since the 1990s — while Bitcoin continues its own record-breaking performance this year.
Composition of global official reserve assets (at market price).
Deutsche Bank strategists noted that official gold demand has doubled compared to the 2011–2021 average, signaling renewed confidence in tangible, non-fiat assets amid global monetary uncertainty. The report draws clear parallels between gold’s renewed momentum and Bitcoin’s rise, both seen as alternatives to traditional currencies.
“Gold’s recent rally marks a return to its historical role as a hedge against systemic risk,” Deutsche Bank’s strategists wrote, adding that Bitcoin is now displaying similar safe-haven characteristics as it matures within global markets.
While gold has hit new nominal highs, the metal only recently surpassed its inflation-adjusted all-time highs from 1980, ending a 45-year wait. Deutsche Bank attributed this delay to decades of central bank selling and the fiat currency dominance following the end of the Bretton Woods system in 1971.
The report’s section titled “Gold’s reign, Bitcoin’s rise” by macro strategist Marion Laboure underlined the shared traits between both assets — including volatility, decentralization, and a low correlation with traditional markets.
“Bitcoin and gold both serve as safe-haven stores of value. Despite their volatility, they provide diversification benefits and independence from traditional monetary systems,” Laboure explained.
Deutsche Bank’s macro strategist Marion Laboure predicted that Bitcoin and gold may both feature on central bank sheets by 2030
She acknowledged that Bitcoin’s volatility, speculative nature, and limited institutional usage remain challenges for its inclusion in global reserves. However, she also emphasized that Bitcoin’s volatility has fallen to historic lows in 2025, strengthening its candidacy as a strategic asset.
Looking ahead, Deutsche Bank predicts that both Bitcoin and gold could feature on central bank balance sheets by 2030, marking a potential fusion of traditional and digital reserve assets.
“The evolution of global reserves may include both the oldest and the newest stores of value,” Laboure concluded — underscoring how the gold-buying boom and Bitcoin’s momentum reflect a shared search for monetary stability in a changing financial landscape.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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