Bitcoin vs. Gold: The Future of Central Bank Reserves by 2030

Deutsche Bank

Marion Laboure, Camilla Siazon

Research

18 Pages

Deutsche Bank explores whether Bitcoin could join gold as a central bank reserve asset by 2030. The report compares both assets across volatility, liquidity, trust, and strategic value—arguing that de-dollarization, institutional adoption, and regulatory progress may allow Bitcoin to complement rather than replace gold on central bank balance sheets.

As of 9/22/2025.

Key Takeaways

Parallel rise: Gold hit a record $3,703/oz in 2025 while Bitcoin traded above $123,500, both benefiting from geopolitical uncertainty and weaker USD.
Reserve diversification: Bitcoin’s fixed supply, independence from governments, and low correlation to traditional assets strengthen its reserve case.
Coexistence outlook: Deutsche Bank expects both assets to share reserve roles by 2030, with Bitcoin’s volatility declining as regulation and liquidity deepen.
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