DB-Thematic Research Bitcoin vs.Gold：The Future of Central Bank Reserves by2030-20250922
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摘要原文摘录**For our in-depth report, please see the Deutsche Bank Research Institute here.**
机构观点归属德意志银行，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
**For our in-depth report, please see the Deutsche Bank Research Institute here.**
Gold demand remains strong in 2025, with prices reaching a new all-timehigh of $3,703 per ounce in September. Strength has been supported bygeopolitical uncertainty, continued central bank buying, expectations offurther Fed rate cuts, and questions around Fed independence, reinforcinggold’s role as a safe-haven asset and core reserve diversifier.
In parallel, Bitcoin has also demonstrated remarkable resilience, tradingclose to its all-time high after surpassing $123,500 in August. Its pricestrength highlights growing institutional adoption and its emerging statusas a potential macro hedge.
This paper assesses whether Bitcoin can qualify alongside gold as areserve asset by 2030, and under what conditions. We evaluate bothassets across key reserve criteria such as volatility, liquidity, strategic valueand trust. We conclude there is room for both gold and Bitcoin to coexiston central bank balance sheets by 2030.
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