A new Deutsche Bank study asks whether Bitcoin could sit alongside the surging gold price in central bank reserves by 2030. The comparison focused on liquidity, volatility, and credibility, and the outcome was blunt: both may end up coexisting.
The report calls gold and Bitcoin “complementary diversifications” for central banks. But it also stresses that the US dollar isn’t losing its top spot anytime soon.
“We conclude there is room for both gold and bitcoin to coexist on central bank balance sheets by 2030,” the analysts wrote.
Meanwhile, gold is up +10.5% over the last week while BTC USD is down almost -4%. So, which is the better investment for Q4 2025?
Why Is The Gold Price Still Dominating Reserve Strategy? What About Bitcoin?
Gold remains the bedrock of official reserves. In September, prices surged to an all-time high of $3,783 per ounce, fueled by central bank purchases and geopolitical risk.
According to FRED data, gold demand from central banks has climbed for five consecutive quarters, the longest stretch since the 1970s.
The Gold Price is Wrong
Gold is actually cheap relative to the global currency fiat money supply.
And the setup for much higher prices is staring us in the face.
At $3,600, everyone knows that gold is at nominal all-time highs.
But relative to M2, it’s well below historical… pic.twitter.com/98QMsyCuxl
— Katusa Research (@KatusaResearch) September 20, 2025
On one hand, we know it’s beaten to death, but going on the gold or any other financial subreddit is mind-blowingly vapid.
Hell, just the whole site is:
- Well ACHTUALLY the US govt data is wrong
- An ad hominem attack on famous investors rather than addressing their argument
But with that said, gold can’t stop winning.
Henry Allen, strategist at Deutsche Bank, put it bluntly:
“Whilst gold prices have many drivers, one is the perception that it operates as a haven that investors buy in times of fear.”
The rally echoes the Volcker era of the 1980s, when tight money policy triggered demand for safe havens.
DISCOVER: 20+ Next Crypto to Explode in 2025
Can Bitcoin Be the “Digital Gold” Central Banks Embrace?
Bitcoin is still far more volatile than gold, but its momentum is undeniable. BTC USD prices touched $123,500 in August, and according to CoinGecko, BTC has gained +22.7% more than gold over the past 12 months.
Changpeng Zhao, Binance co-founder, argued the portability edge is decisive: “Gold is great if you can carry it everywhere… If only someone could invent digital gold.”
Bitcoin’s capped supply, independence from governments, and ease of verification will always give it an advantage. For private reserves and alternative funds, that’s an attractive package in a world still wrestling with inflation.
DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025
Why This Debate Matters for Investors Beyond Crypto
Central banks don’t just manage reserves but set the tone for global markets. Even modest Bitcoin allocations on their balance sheets could trigger trillions in new institutional flows.
From a macro view, Bitcoin looks like a growth hedge, while gold is the fear hedge. Both may sit side by side in the decade ahead, but recent history still shows that Bitcoin is a stronger performer than gold.
EXPLORE: Black Swan Alert: What To Expect From Trump UN Speech?
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Key Takeaways
- A new Deutsche Bank study asks whether Bitcoin could sit alongside the surging gold price in central bank reserves by 2030.
- Bitcoin’s capped supply, independence from governments, and ease of verification will always give it an advantage.
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
