Central Banks' Gold Hoarding Trend Spreads: Is Bitcoin Becoming the Next National Strategic Reserve Asset?

Central banks around the world are stockpiling gold at an unprecedented pace, with net purchases reaching 53 tons in October 2025 alone—a new annual high, led by countries such as Poland and Brazil. At the same time, Bitcoin is making its way from a fringe asset to the stage of national reserves: the United States, based on an executive order, has designated approximately 200,000 Bitcoins (valued at around $17 billion) as a national strategic reserve asset; Texas has taken the lead by purchasing $10 million worth of Bitcoin as a state fiscal reserve. This trend of diversifying reserves—from traditional gold to digital gold—may be reshaping the global financial power structure for decades to come.

Gold Buying Frenzy: Central Banks Vote with Real Money, Fleeing Dollar Dependence

According to the latest data from the World Gold Council, in October 2025, global central banks’ net gold purchases soared to 53 tons, a 36% increase from the previous month, marking the strongest monthly demand this year. This figure is no coincidence; it signals that the “de-dollarization” and asset diversification strategies that central banks have pursued for years are entering an accelerated phase. As of the end of October, central bank gold purchases for 2025 have reached 254 tons, making this the fourth highest year for central bank gold buying this century. In the context of high gold prices, this persistent buying behavior underscores gold’s role as the ultimate safe-haven asset—a ballast in times of macroeconomic uncertainty.

The main buyers are not traditional economic powerhouses, but emerging market countries seeking financial autonomy. In October, the National Bank of Poland purchased 16 tons of gold in one go, pushing its reserves to a record 531 tons—about 26% of its total foreign exchange reserves. Brazil also bought 16 tons, and countries such as Uzbekistan, Indonesia, Turkey, and the Czech Republic have also increased their holdings. Notably, a survey shows that up to 95% of central banks surveyed expect to continue increasing gold reserves next year. Serbia plans to double its gold reserves to 100 tons by 2030, and Madagascar and South Korea are considering similar expansion plans. These actions collectively send a clear signal: trust in the current dollar-centric international monetary system is weakening, and gold’s monetary attributes are making a strong comeback.

Behind this gold-buying boom are geopolitical tensions, soaring global debt, and deep concerns about future inflation. Gold—a physical asset independent of any country’s credit and backed by thousands of years of consensus—plays an irreplaceable role in value storage and portfolio diversification. Central banks are acting collectively not just to preserve value, but as a strategic defense, preparing a “financial shield” for potential financial turmoil. However, in the digital age, another fundamentally different, non-physical value storage asset—Bitcoin—is also entering the vision of national reserve managers.

A Breakthrough Move by the US: Designating 200,000 Bitcoins as a Strategic Reserve

While central banks worldwide are increasing their gold holdings, a more disruptive change is quietly unfolding in the digital asset space. The United States has taken a critical step: through a presidential executive order in March 2025, it officially designated Bitcoin as a national reserve asset and established a “Strategic Bitcoin Reserve.” Currently, the US Treasury manages about 200,000 Bitcoins, primarily sourced from law enforcement seizures of illicit proceeds, with a total value of around $17 billion. This move uses a “budget-neutral” framework, meaning no additional taxpayer funds are used—existing seized assets are simply reallocated.

US Senator Cynthia Lummis recently stated that funding the Strategic Bitcoin Reserve “can be initiated at any time,” suggesting that in the future, the Treasury may be authorized to actively purchase Bitcoin on the open market to expand reserves. While the House’s FY2026 Appropriations Bill does not mandate new purchases (limiting reserves to confiscated assets), it does require the Treasury to conduct research within 90 days on Bitcoin custody standards, related technologies, and the use of AI in sanctions enforcement. This leaves a policy window for future reserve expansion.

This strategic layout has triggered extensive analysis by financial institutions. Asset manager VanEck’s economic model predicts that if the US accumulates 1 million Bitcoins by 2029, it could offset about 18% of the national debt by 2049. CoinShares analysts believe Bitcoin reserves not only provide inflation protection but also strengthen the US’s leadership in financial technology. However, Chainalysis economists warn that if multiple countries simultaneously accumulate Bitcoin on a large scale, it could pose new challenges for market liquidity, price stability, and asset security. In any case, the US move provides the highest level of political endorsement for Bitcoin’s “asset status upgrade.”

Key Information on the US Strategic Bitcoin Reserve

Legal Basis: Presidential executive order, March 2025

Nature of Reserve: Designated as a national strategic reserve asset

Current Scale: Approximately 200,000 Bitcoins

Current Value: Approximately $17 billion (based on market value estimates)

Asset Source: Mainly from law enforcement seizures of illicit assets

Management Framework: Budget-neutral, managed by the Treasury

Potential Impact: VanEck model indicates that if reserves reach 1 million Bitcoins, 18% of US national debt could be offset by 2049

From State to Nation: The Global Bitcoin Reserve Race Quietly Accelerates

The US’s national-level action has produced a notable demonstration effect, triggering a bottom-up, local-to-central Bitcoin reserve race. On November 20, 2025, Texas made history by becoming the first US state government to use fiscal funds to purchase Bitcoin. When Bitcoin’s price briefly dropped to $87,000, the state invested $10 million through BlackRock’s spot Bitcoin ETF. This move is highly symbolic, showing that local governments now view Bitcoin as a strategic fiscal asset comparable to gold, used to hedge inflation and achieve asset appreciation.

This trend is quickly crossing borders. In Taiwan, the legislature has urged the executive branch to audit its Bitcoin holdings and consider including cryptocurrencies in its strategic reserves. Premier Cho Jung-tai has promised to submit a detailed report by year-end. Local lawmakers have stated this move is driven by concerns over excessive reliance on US dollar assets (which account for over 90% of Taiwan’s $602.94 billion in foreign exchange reserves). Including Bitcoin in the reserve basket is seen as a potential way to diversify risk and enhance financial resilience.

Deutsche Bank analysts recently predicted that Bitcoin could appear on some central bank balance sheets by 2030, serving as a complementary asset to gold for hedging inflation and geopolitical risk. From Poland’s gold accumulation, to Texas’s Bitcoin purchase, to Taiwan’s consideration of adding crypto assets to reserves—these seemingly independent events share a clear logic: as trust in traditional fiat systems declines and digitalization becomes irreversible, sovereign entities are actively seeking and allocating “future-proof” reserve assets. Gold represents stability in the past and present; Bitcoin is a bet on a digital future.

A New Paradigm: Challenges and Opportunities for Bitcoin as a Reserve Asset

Bitcoin’s entry into national reserve management marks the emergence of a brand-new financial paradigm, but the path is far from smooth. The opportunities are obvious: First, Bitcoin has gold-like scarcity (a total supply of 21 million), but with superior divisibility, verifiability, and cross-border transfer efficiency. Second, as the earliest and most secure decentralized digital network, Bitcoin offers a settlement layer independent of any sovereign nation, aligning with the pursuit of financial autonomy in a multipolar world. Finally, from an asset allocation perspective, Bitcoin’s low correlation with traditional asset classes provides valuable diversification benefits to national investment portfolios.

However, the challenges are equally significant and real. The primary issue is volatility. Bitcoin’s high price volatility is a major obstacle to its use as a medium of exchange and a short-term store of value, and although long-term holding may smooth volatility, it is a serious risk for central banks that require stable book values on their balance sheets. Next is custody and security. Storing tens or even hundreds of billions of dollars in digital assets requires building top-tier, military-grade cold wallet storage systems and complex multisig management schemes. The operational complexity and security costs are far higher than storing gold bars. Finally, there is a lack of regulation and international coordination. Global standards for Bitcoin accounting, auditing, and valuation are not unified; including Bitcoin in reserves could raise complex international accounting issues and potential financial stability concerns.

Nevertheless, the trend has begun. From trial runs with seized assets, to proactive state-level fiscal allocations, to legislative discussions, the narrative of Bitcoin as a reserve asset is advancing in stages. It may never fully replace gold, but it is highly likely to become a “digital gold” supplement, jointly forming a new hybrid reserve system for the 21st century. For countries seeking to seize the financial high ground in the digital age, the risk of ignoring this trend may be greater than the uncertainty that comes with embracing it.