Overview

• Deutsche Bank’s research argues Bitcoin and gold would serve as complementary diversifiers on official balance sheets rather than challengers to the U.S. dollar’s reserve role.
• Analysts highlight Bitcoin’s 30‑day volatility hitting historic lows in August even as prices topped roughly $123,500, a sign of market maturation.
• Gold set new records above $3,700 per ounce this week while Bitcoin pulled back toward roughly $113,000, underscoring near‑term performance divergence.
• The report cites ongoing reserve diversification—such as China’s $57 billion reduction in U.S. Treasuries in 2024—while noting the dollar still accounts for about 57% of global reserves.
• Potential catalysts include regulatory clarity and ETF‑driven liquidity, yet legal constraints and operational hurdles persist, with the Federal Reserve stating it cannot hold Bitcoin under current law.