- Deutsche Bank economists forecast central banks could treat Bitcoin as a modern equivalent to gold, spurred by weakening confidence in the US dollar and increasing institutional adoption.
- Central banks globally hold approximately 35,200 tonnes of gold and continue purchasing more despite record-high prices, with countries like Poland and China actively expanding their reserves.
- The dollar’s share in global reserves has declined from 60% to 41% between 2000 and 2025, triggering record inflows into gold and Bitcoin ETFs.
- US spot Bitcoin ETFs have attracted hundreds of billions in net inflows since early 2024 and now hold 6.45% of global Bitcoin supply, valued at over US$165 billion, making them among the fastest-growing ETFs in history.
According to a report by Bloomberg, Deutsche Bank economists Marion Laboure and Camilla Siazon forecast that central banks could soon treat Bitcoin as a modern counterpart to gold, driven by weakening dollar confidence and growing institutional adoption.
With gold reserves already surging amid global uncertainty, they say both assets are becoming key pillars of financial security in a shifting monetary landscape.
According to the World Gold Council, globally, central banks currently hold roughly 35,200 tonnes of gold – out of a total supply of around 216,265 tonnes.
Countries such as Poland, Kazakhstan, Turkey, China and the Czech Republic are still increasing their gold holdings, while others, including Singapore, Uzbekistan, Germany, Mexico and Portugal, have sold some of theirs.
Germany, notably, also sold all of its Bitcoin – make of that what you will.
In any case, continuing central-bank interest in buying gold means the price – which has skyrocketed over the past few years – is likely to keep climbing.
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Move Away from USD Fuels BTC and Gold Demand
The Bloomberg report said the Deutsche Bank analysts viewed de-dollarisation – in other words, a decrease in dependence on the US currency – as driving the run into gold and Bitcoin.
Laboure said that the “dollar’s share in global reserves slid from 60 per cent in 2000 to 41 per cent in 2025”, adding that Bitcoin and ETFs were the main beneficiaries.
This decline has jump-started record inflows into gold and Bitcoin ETFs, which reached total net flows of $5 billion and $4.7 billion in June.
Marion LaboureLaboure argued that, “though still highly debated”, Bitcoin has entered policymakers’ deliberations.
The behaviour we saw toward gold in the 20th century has clear parallels with how policymakers are now debating Bitcoin.
Marion LaboureThough according to Bloomberg, JPMorgan analysts disagree, arguing that interest in stablecoins could rekindle global demand for the US dollar – perhaps one reason why the EU is urging stronger euro-denominated stablecoins.
Laboure said that “neither Bitcoin nor gold will entirely replace the US dollar”, emphasising that both should be seen as complementary reserve assets rather than direct competitors.
Related: Arthur Hayes Declares the End of Bitcoin’s Four-Year Cycle, Citing Monetary Forces Over Halving Hype
Bitcoin ETFs Record Inflows
Recent ETF flows seem to support that view. Since early 2024, US spot Bitcoin ETFs have attracted hundreds of billions in net inflows, providing a regulated bridge between traditional finance and digital assets – much like gold ETFs did two decades ago.
Unlike the gold ETFs, these funds have seen record inflows and are among the fastest growing ETFs in history.
Currently these US ETFs hold 6.45% of global Bitcoin supply – or 1.35 million BTC currently valued over US$165 billion (AU$251 billion).
Even in the past few days, inflows have continued to set new records amid Bitcoin’s latest all-time high.
Related: Bitwise Predicts Record $36B Surge in U.S. Bitcoin ETF Inflows by Year-End 2025
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