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Deutsche Bank: Gold and Bitcoin Could Share Reserve Roles
Deutsche Bank research by Marion Laboure and Camilla Siazon suggests central banks could begin holding Bitcoin alongside gold on their balance sheets by 2030. The report argues that both assets—traditional gold and the digital asset Bitcoin—can serve as complementary reserve holdings amid persistent geopolitical and macroeconomic uncertainty.
Why gold still leads
Gold remains the foundational reserve asset for many central banks, with prices hitting fresh highs near $3,703 per ounce in 2025. Ongoing official purchases, questions about central bank independence, and expectations for future rate cuts have reinforced gold’s role as a store of value and inflation hedge.
Bitcoin’s growing reserve case
At the same time, Bitcoin has shown notable strength and resilience, trading close to record highs after breaking above $123,500 in August. Deutsche Bank highlights increasing institutional adoption and declining short-term volatility as signals that Bitcoin could find a place in private and alternative reserve allocations. The analysts note that Bitcoin’s limited supply, low correlation with traditional financial assets, and potential as a macro hedge make it an attractive diversification tool.
Practical implications for central bank reserves
Deutsche Bank does not predict that either gold or Bitcoin will replace the U.S. dollar as the dominant reserve currency. Instead, the firm expects a measured diversification trend: more diversified reserve strategies combining fiat, gold, and selected digital assets. Key barriers remain—trust, transparency, and policy constraints—but these could erode as infrastructure, regulation, and market depth for digital assets improve.
Outlook
For policy makers and institutional investors, the report underscores a balancing act between tradition and innovation: preserving gold’s role while cautiously integrating Bitcoin and other digital assets into broader reserve frameworks.
Source: crypto
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