Overview

• Deutsche Bank’s September 22 analysis projects central banks are likely to purchase Bitcoin this decade as part of broader reserve diversification.
• The U.S. dollar still accounts for about 57% of global reserves and gold remains the leading official holding, even as diversification gathers pace.
• The bank highlights Bitcoin’s 30-day volatility hitting historic lows in August while prices set records near $123,500, strengthening its reserve case.
• Market infrastructure has matured, with spot Bitcoin ETFs surpassing roughly $110 billion in assets and institutions such as Bank of Montreal and Barclays increasing ETF exposure.
• Analysts argue gold and Bitcoin could coexist on balance sheets, though legal mandates, trust and custody risks persist and policy discussions, including U.S. strategic-Bitcoin-reserve proposals, remain exploratory.