Deutsche Bank has just published a report on Bitcoin (BTC). It compares the cryptocurrency to gold, believing that it could follow the same explosive trajectory. Will this appeal to central banks?
Deutsche Bank releases report on Bitcoin
Germany’s largest bank has just published a report comparing Bitcoin to gold. According to Deutsche Bank, the cryptocurrency has been generating excitement since the summer, not only for short-term speculation, but because its status is changing in the eyes of institutional investors.
Despite the skepticism surrounding cryptocurrencies, Bitcoin broke a record in August, with growing institutional adoption and an emerging status as a “macro hedge.” Deutsche Bank therefore believes that BTC is maturing, just as gold did in its day:
History seems to be repeating itself. Like Bitcoin, gold was once subject to skepticism, mistrust, and speculation about demand. Like Bitcoin, gold has experienced periodic episodes of volatility; its performance has often been marked by the slightest changes in public perception.
Bitcoin, the new gold for central banks?
The report highlights that de-dollarization is underway in 2025: the dollar’s share of global reserves has fallen to 43% (from 60% in 2000), pushing toward gold (and potentially Bitcoin). Faced with a global geopolitical situation that has become highly tense in 2025, cryptocurrency continues to grow:
Bitcoin has shown remarkable resilience, trading close to its all-time high after surpassing $123,500 in August, highlighting its growing institutional adoption and emerging status as a potential macroeconomic hedge.
Hence Deutsche Bank’s particularly optimistic prediction: BTC is now mature enough to begin integrating into central bank reserves:
By 2030, we predict that Bitcoin will join gold on the official balance sheets of many central banks.
Similar trajectories between gold and Bitcoin
For Deutsche Bank, gold and Bitcoin share similar characteristics that explain this interest in cryptocurrency. Both assets are rare, but with relatively high liquidity. The bank also mentions the absence of counterparty risk, as well as their role in diversification in the face of inflation and instability.
Without eclipsing gold, Bitcoin will therefore take its rightful place, according to the report:
Bitcoin’s success is largely based on the economic idea that the more people believe in something, the more likely it is to happen. […] In the medium term, Bitcoin and gold will continue to coexist, with gold maintaining its lead in official reserves and Bitcoin expanding into private and alternative reserves.
