Global central banks are making headlines this year with their renewed enthusiasm for gold.
October 2025 stood out as a record month, with officials buying 53 tons — the highest monthly total of the year.
Analysts say these purchases reflect concerns about inflation, weakening currencies, and the uncertainty of a shifting geopolitical landscape.
2025 on Track for Record Accumulation
Data shows that 2025 is shaping up to be the fourth-highest year this century for gold accumulation by central banks when measured net year-to-date through October.
Experts at Deutsche Bank point out that gold now makes up roughly 24% of central-bank reserves, a level last seen in the 1990s.
Governments that had previously reduced bullion holdings are returning to it in significant numbers, signaling a cautious approach to global economic pressures.
Bitcoin Joins the Conversation
Beyond gold, central bankers are beginning to wonder if Bitcoin could play a role in national reserves.
Some financial analysts suggest that by 2030, cryptocurrencies might be included alongside traditional assets.
Bitcoin’s growing liquidity and less extreme price swings in recent months — including a record high above $123,500 — have caught the attention of policymakers and investors alike.
Testing the Waters With Crypto
A few banks are already exploring how Bitcoin might fit into official reserves.
The Czech National Bank, for example, has discussed running a “test allocation” to understand how crypto behaves in a sovereign portfolio.
These studies focus on issues like custody, accounting, and regulatory compliance rather than immediate purchases, showing a measured approach to digital assets.
Caution Remains Key
Despite the excitement, most central banks remain cautious.
Bitcoin’s volatility is still higher than that of traditional reserves, and global standards for holding and auditing cryptocurrency are inconsistent.
Regulators would need clear frameworks before many banks could consider adding crypto to official reserves.
Potential Market Implications
Even a small sovereign allocation to Bitcoin could have ripple effects across global markets.
While it wouldn’t replace gold or the US dollar, it could strengthen Bitcoin’s role as a hedge against currency weakness and inflation.
Meanwhile, banks and custodians would need to scale up operations to handle the added compliance and storage requirements.
From Theory to Action
Gold purchases by central banks are already significant, and Bitcoin is moving from theoretical discussions to pilot programs and official reports.
While the path to adoption remains uncertain, these conversations mark a notable shift in how policymakers view both traditional and digital reserve assets.
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