Analysts are evaluating whether Bitcoin can get on board with gold as a reliable reserve asset for central banks, pointing to the maturity of the cryptocurrency market structure, regulatory advancements, and increasing adoption by institutions.

In a note issued on Monday, Deutsche Bank analysts stated that both assets benefited in 2025 from geopolitical uncertainty, questions regarding the independence of the Federal Reserve, and the weakness of the dollar, pushing gold to a record level of 3,703.0000 dollars per ounce and Bitcoin above 123,500.0000 dollars in August.

They argue that Bitcoin now shares several characteristics with gold, including limited supply, liquidity, and the absence of counterparty risk.

Analysts Marion Labor and Camila Siazon said: "We conclude that there is room for both gold and Bitcoin to coexist in central bank balance sheets by 2030."

The study highlights that gold itself has gone through periods of high volatility before becoming established in reserve portfolios, suggesting that the current volatility of Bitcoin may not prevent its acceptance in the future.

Central banks' demand for gold has increased, with holdings reaching approximately 36,000.0000 tons in 2025, while at the same time, trends of de-dollarization and increased interest in alternative stores of value have led to record flows into gold and Bitcoin exchange-traded funds.

This background has strengthened the case for diversification away from the US dollar.

According to Deutsche Bank, the appeal of Bitcoin also lies in its portability and lower storage costs compared to the high expenses of maintaining physical gold reserves.

The approval of Bitcoin exchange-traded funds in the United States has enhanced its legitimacy, and several countries have already moved towards building national reserves of Bitcoin, including El Salvador, Ukraine, Bhutan, and Kazakhstan.

At the state level, Texas and Arizona have enacted laws to fund their Bitcoin reserves.

The U.S. administration also revealed a plan for a sovereign Bitcoin reserve, starting with 207,000.0000 Bitcoin seized from criminal cases and proposing to purchase an additional million coins through the BITCOIN Act.

At the same time, there are still some risks. Analysts note that Bitcoin is still regarded by many as a speculative asset, with repeated sharp declines, ongoing threats to cybersecurity, and limited use in payments.

They point out that less than 30% of Bitcoin activity is for transactions, and several major central banks in Europe have rejected the idea of holding it. Federal Reserve Chairman Jerome Powell has also ruled out the ownership of it by the U.S. central bank under current law.

Looking to the future, Deutsche Bank outlines five conditions that would allow Bitcoin to qualify as a reserve asset, including integration with gold, reduced volatility, not threatening the dollar's supremacy, a historical precedent for gradual adoption, and sustained investor interest.

Analysts said: "By 2030, we expect Bitcoin to get on board with gold in the official reserve balances of many central banks," as regulations, liquidity, and trust continue to build.

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