Deutsche Bank said Tuesday that it expects both bitcoin and gold “will likely feature on central bank balance sheets by 2030,” as global monetary authorities adapt to a rapidly changing financial environment shaped by a weaker U.S. dollar and increasing geopolitical uncertainty.

In its report titled “Gold’s reign, Bitcoin’s rise,” the bank highlighted that “Bitcoin is having a record-breaking year in 2025.” The report noted that the world’s largest cryptocurrency “surged past $123,500 in August and then ~$125,000 in October,” while “gold, meanwhile, has also hit new highs, up ~50% YTD, and is on track to reach $4,000 by year-end.”

According to Deutsche Bank analysts, “as the dollar weakens, central banks face a defining question: can Bitcoin serve as a credible reserve asset alongside – or even in place of – gold?”

The bank suggested that “a strategic Bitcoin allocation could emerge as a modern cornerstone of financial security, echoing gold’s role in the 20th century.”

Deutsche Bank explained that the report “builds on our recent research paper, comparing Bitcoin and gold across adoption trends, asset characteristics and macroeconomic performance.”

After evaluating “volatility, liquidity, strategic value and trust,” the analysts concluded that both assets appear well positioned to play a long-term structural role in global reserves.

The bank ultimately reaffirmed its view that “both assets will likely feature on central bank balance sheets by 2030,” signaling what could be a major shift in how governments diversify reserves and protect against inflation, currency fluctuations, and financial instability.

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