Gold has surged past $3,800, reinforcing its role as the anchor of central bank reserves at a time when confidence in the U.S. dollar is waning. The rally has sharpened the debate over whether Bitcoin could eventually join gold on balance sheets.
Gold has surged past $3,800, reinforcing its role as the anchor of central bank reserves at a time when confidence in the U.S. dollar is waning. The rally has sharpened the debate over whether Bitcoin could eventually join gold on balance sheets.
A new report from Deutsche Bank suggests it might, but not until 2030, and only if its volatility keeps sliding.
Commenting on the rally, economist Peter Schiff wrote that gold trading above $3,800 and silver surpassing $47 should not be seen as validation of the Federal Reserve’s recent rate cuts or U.S. economic policy.
Instead, he argued that the price action shows what he called the failure of both fiscal and monetary management. His remarks coincided with new data showing central banks continuing to expand their gold holdings while exploring options beyond the U.S. dollar.
Global reserve data shows the dollar’s share falling to 43% in 2024, down from 60% at the turn of the century. China cut its Treasury holdings by $57 billion last year, accelerating the trend.
A World Gold Council survey revealed that 43% of central banks plan to boost gold reserves in the next year, and 95% expect global gold holdings to keep rising.
This shift has powered gold’s record performance in 2025. For policymakers, gold has become more than a hedge; it is a statement of monetary sovereignty against inflation, geopolitical tension, and weakening trust in U.S. assets.
Parallel to gold’s rise, Bitcoin is gaining recognition in reserve discussions. A Deutsche Bank noted that Bitcoin and gold could coexist on central bank balance sheets by 2030. Analysts Marion Laboure and Camilla Siazon highlighted Bitcoin’s declining volatility, with its 30-day fluctuations hitting historic lows even during record price runs.
Still, Bitcoin’s price momentum has cooled. After peaking at $123,500 in August, it has slipped below $113,000 this week. The retreat highlights why central banks remain hesitant. But structural adoption is expanding: more than 180 public companies now hold Bitcoin or other digital assets, many following accumulation strategies similar to MicroStrategy’s.
Institutional and political voices continue to shape sentiment. Deutsche Bank likened Bitcoin’s journey to gold’s early adoption in the 20th century, suggesting that today’s skepticism could eventually give way to acceptance.
Ahead of the Fed’s latest rate cut, Eric Trump told Yahoo Finance that looser policy could push digital assets to “skyrocket.”
