Deutsche Bank (DBK) has stated that bitcoin could appear on central bank balance sheets by 2030, where it will coexist with gold as a complementary hedging asset. However, the bank said that gold will retain its leading position in official reserves for the time being. According to the German lender, the more Bitcoin’s (BTC) volatility declines, the more its adoption grows and the currency is accepted by companies, retail investors, and governments.
Bitcoin’s volatility is currently declining, which has long been an issue in terms of its reserve status. In August, its 30-day volatility reached a historic low, even as its price surpassed records above $123,500. This suggests that the currency may be moving away from its speculative roots.
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Gold rises while Bitcoin falls
DBK sees Bitcoin’s adoption following a similar path to gold, moving from skepticism to widespread acceptance, with regulation, macroeconomic trends, and time paving the way. The bank said Bitcoin and gold will continue to coexist as complementary hedges against inflation and geopolitical risk due to their scarcity and low correlation with other assets.
Investors often compare gold to safe money. Today, it jumped 1%, setting a new all-time high and increasing its growth in 2025 to 43%. It reached a record level of $3,763. Precious metals have risen more than 40% since the beginning of the year.
The price of the metal rose about an hour after BTC fell 3% in 24 hours, bringing its price down to $112,000. This brought its growth since the beginning of the year to a halt at 17%. Based on the data, it is possible that profits from the sale of bitcoins were converted into gold.
Although these two assets rarely move together, there are cases where they rise or fall simultaneously, often with a slight delay. This time, the difference is more pronounced.
However, gold is not the only metal attracting investors. Silver rose 1.5% on Monday to $44, its third-highest level since 1975. It has risen more than 50% since the beginning of the year.
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DBK says no currency can dethrone the dollar
The report says the US dollar still accounts for 57% of global reserves, but there are signs of diversification. Chinese investment in US government bonds fell by $57 billion in 2024, and cryptocurrency regulation is gaining momentum in major markets.
For example, Norway’s Norges Bank, the world’s largest sovereign wealth fund, does not hold any Bitcoin or related ETFs, but according to its second-quarter report, it owns approximately 2.9 million Strategy shares. Many pension and retirement funds in the US are doing the same, including CalPERS, the country’s largest pension and retirement fund.
According to BitcoinTreasuries.net, more than 180 public companies have added bitcoin to their balance sheets. Many of these companies have only been in existence for a year. They own 4.7% of all bitcoins ever created.
However, since the Federal Reserve cut interest rates by 25 basis points, US Treasury yields have risen. The yield on 10-year bonds is now 4.125%, which is 2.5% more than a year ago, and the yield on 30-year bonds is now 4.7%, which is 2% more.
The dollar strengthened; the DXY index rose 1% to 97.5. Risk assets typically lose value when the dollar strengthens, and Bitcoin has lost more than 3.5% since the FRS intervention.
The bank said that neither Bitcoin nor gold are likely to overthrow the dollar, as governments will act to protect monetary sovereignty.
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