Deutsche Bank: Bitcoin and gold likely to become key reserve assets

Central banks could be holding large amounts of bitcoin and gold by 2030, according to Deutsche Bank AG, as the assets gain popularity among institutional investors and the US dollar weakens.

For central banks, allocating a portion of their reserves to bitcoin could represent a new and modern “financial security cornerstone,” similar to the role of gold in the 20th century, Marion Laboure, senior London economist at Deutsche Bank, and analyst Camilla Siazon wrote in a recent report.

The experts' research comes as demand for both bitcoin and gold has hit record highs. Uncertainty over US tariffs and geopolitical risks are pushing investors to seek inflation hedges and prepare for a future where the role of traditional fiat currencies is declining.

Gold, long considered a safe haven by its proponents, briefly topped $4,000 an ounce. While its journey to becoming a major asset in central bank reserves has been rocky, researchers say demand for gold began to take a firmer place on central banks’ balance sheets after the 2008 financial crisis.

This “flight to safety” by institutional investors prompted central banks to become net buyers of gold in 2010. Laboure writes that gold is “back” amid increased trade uncertainty and market volatility, citing other signs, including the more than 36,000 tonnes of gold held in central bank reserves worldwide.

Gold’s rally has been largely driven by de-dollarization—reducing dependence on the US currency—and this has also supported bitcoin, Deutsche Bank analysts said. Laboure wrote that the US dollar’s share of global reserves has fallen from 60% in 2000 to 41% in 2025. This decline has triggered record net inflows into gold and bitcoin exchange-traded funds (ETFs), which reached $5 billion and $4.7 billion, respectively, in June.

Laboure writes that the 20th-century view of gold has striking similarities to the current policy debates about bitcoin. Bitcoin is another asset that is posting record performance and is increasingly attracting attention as a potential reserve asset, even if that role remains controversial.

However, not all observers agree. In a recent report, JPMorgan analysts argued that stablecoins, a decentralized digital currency often pegged to other assets, could create new demand for the U.S. dollar. While this depends on foreign investment, JPMorgan analysts estimate that the growth of the stablecoin market could create an additional $1.4 trillion in demand for the U.S. dollar by 2027. This raises questions about Deutsche Bank’s vision for both gold and bitcoin as strategic reserve assets.

Laboure writes that neither bitcoin nor gold will ever fully replace the US dollar. In the report, she argues that digital assets should serve as a “complementary” to national currencies in central bank reserve strategies. Overall market confidence in digital assets is growing, thanks to their decreasing volatility and growing regulatory support in major markets like the US and China.

Source: https://vtv.vn/deutsche-bank-bitcoin-va-vang-co-kha-nang-tro-thanh-tai-san-du-tru-chu-chot-100251010153058214.htm