Bitcoin could join gold on central bank balance sheets in the future, Deutsche Bank says
Gold (GC=F) and crypto are performing very differently in the short term — but one firm says the two could thrive side by side in the years ahead.
“There is room for both gold and Bitcoin to coexist on central bank balance sheets by 2030,” Deutsche Bank analysts Marion Laboure and Camilla Siazon wrote in a recent note.
That bullish outlook comes after bitcoin (BTC-USD) fell sharply on Monday, slipping below $113,000 after briefly topping $123,500 in August. Meanwhile, gold surged to a fresh all-time high of $3,703 per ounce, posting its biggest yearly gain in over four decades.
Read more: Is now the time to invest in bitcoin?
The contrasting moves highlight the short-term divergence between riskier assets like crypto and traditional safe havens. According to the firm, traders are weighing geopolitical tensions, expectations of future Fed rate cuts, and questions about the Fed’s independence, all of which have supported demand for gold.
Even so, Deutsche Bank’s note highlights that 2025 has been an “excellent” year for both assets. For gold, demand remains elevated, fueled by central bank purchases and investor appetite for a stable store of value.
A 2025 World Council survey cited in the report found that 43% of central banks expect to increase their gold reserves over the next 12 months, while 95% anticipate global central bank reserves will rise.
Read more: How to invest in gold in 4 steps
Bitcoin, despite Monday’s pullback, has also shown resilience. After breaking records in August, its volatility hit historic lows, signaling growing institutional adoption, the analysts said.
Prominent supporters like Eric Trump have publicly backed crypto, framing it as a key investment and hedge against traditional markets, even amid volatility. Trump previously told Yahoo Finance that an interest rate cut could potentially give crypto the boost it needs to “skyrocket.”
More than 180 companies have added crypto to their balance sheets, often imitating the model of Michael Saylor’s Strategy (MSTR), though enthusiasm for shares of these companies has waned recently.
Deutsche Bank analysts note that bitcoin’s performance highlights “its emerging status as a potential macro hedge,” suggesting that digital assets may be carving out a place alongside traditional reserve assets.
“We believe the crypto [bitcoin] has more room to run,” the firm noted. The analysts questioned whether recent economic and regulatory developments could make the “Tinkerbell effect,” which largely ties bitcoin’s valuation to wishful thinking, a self-fulfilling prophecy.
