Deutsche Bank published a report by its Research Institute on Sept. 22 titled “ Bitcoin vs. Gold: The Future of Central Bank Reserves by 2030,” evaluating whether bitcoin could stand alongside gold in official reserve portfolios. The study compared both assets against traditional reserve standards such as volatility, liquidity, and trust, and projected that by 2030, central banks may hold both as diversifiers.

The report stressed gold’s enduring role as a safe-haven asset, with prices climbing to a record $3,703 per ounce in September on strong central bank demand and geopolitical risks. Bitcoin has also surged, briefly topping $123,500 in August, with the Deutsche Bank analysts noting: “Its price strength highlights growing institutional adoption and its emerging status as a potential macro hedge.” The analysts added:

We conclude there is room for both gold and bitcoin to coexist on central bank balance sheets by 2030.

They also pointed to policy momentum: “A national bitcoin reserve could signal confidence in crypto’s future and set international financial standards, much as US gold reserves do today”.

Looking ahead, the study explained:

Ultimately, bitcoin and gold will continue to co-exist in the medium term, with gold maintaining its lead in official reserves and bitcoin expanding in private and alternative reserves.

The authors emphasized: “ Bitcoin and gold are complementary diversifications to central bank portfolios.” At the same time, they cautioned against overstating their impact, writing: “Neither bitcoin nor gold is likely to replace the US dollar as the primary reserve asset or means of payment.” Proponents argue that bitcoin’s portability, capped supply, and independence from governments give it a distinct long-term role, even if gold remains central to official reserves.

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