Bitcoin may soon share space with gold on central bank balance sheets, according to a new report from Deutsche Bank (NYSE:DB) that frames the cryptocurrency as an emerging reserve asset.
“There is room for both gold and Bitcoin to coexist on central bank balance sheets by 2030,” Marion Laboure and Camilla Siazon, both analysts at the firm, wrote in a note published on Monday (September 22).
Deutsche Bank’s report points to recent diversification trends in global central bank reserves.
The US dollar is still the dominant reserve currency, but it accounted for only 43 percent of holdings in 2024, down from 60 percent at the start of the century. Meanwhile, China reduced its US treasury holdings by US$57 billion last year.
Against this backdrop, both gold and Bitcoin are being positioned by market participants as hedges against inflation, geopolitical risk and questions about monetary sovereignty.
Gold has been a standout performer in 2025. The precious metal surged to a record of US$3,788.33 per ounce on Tuesday (September 23), capping a year-to-date rally of more than 40 percent and its largest gain in over four decades.
Central banks have been a driving force behind the rally, with a recent World Gold Council survey showing that 43 percent of monetary authorities plan to increase their gold reserves in the next 12 months.
Nearly all respondents, tallying 95 percent, expect global central bank gold reserves overall to continue rising.
Bitcoin, meanwhile, has faced short-term pullbacks, but has shown longer-term resilience. After topping US$123,500 in August, the cryptocurrency slipped below US$113,000 at the start of the week.
Yet analysts at Deutsche Bank highlight that its 30 day volatility hit historic lows even during record-breaking price runs, a sign that Bitcoin may be decoupling from its speculative reputation.
That adoption is evident in corporate balance sheets as well.
More than 180 companies have added Bitcoin or other crypto assets to their holdings, often modeling their strategy on Strategy’s (NASDAQ:MSTR) high-profile accumulation, led by Executive Chairman Michael Saylor.
Prominent public figures have also lent support. Eric Trump told Yahoo Finance ahead of last week’s interest rate cut from the US Federal Reserve that a reduction could help crypto “skyrocket,” framing digital assets as a key hedge.
While Deutsche Bank’s analysts acknowledge the risks tied to Bitcoin’s sudden swings, they said regulation and shifting macroeconomic conditions could accelerate its path to legitimacy.
The bank draws parallels between Bitcoin’s trajectory today and gold’s rise in the 20th century, suggesting that skepticism could eventually give way to acceptance. While the writers admit that neither asset is likely to dethrone the dollar, gold and Bitcoin could serve as complementary tools for monetary authorities seeking diversification.
Overall 2025 has been “excellent” for both gold and Bitcoin even if their price movements diverge.
“So long as we are human, Bitcoin and other alternative assets will likely continue to compete for our attention,” the Deutsche Bank note concludes.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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