Emre Yumlu 
Gold has surged past $3,800, once again proving its importance as a cornerstone of central bank reserves. This rally comes at a time when confidence in the U.S. dollar is weakening, prompting policymakers to diversify their holdings. Meanwhile, a new report from Deutsche Bank suggests that Bitcoin could also find a place alongside gold in central bank reserves by 2030 — but only if its volatility continues to decline.
Schiff: “Gold’s Rise Reflects Policy Failure”
Economist Peter Schiff argued that gold trading above $3,800 and silver surpassing $47 should not be seen as a success of the Federal Reserve’s rate cuts or U.S. economic strategies. Instead, he pointed to the surge as clear evidence of the failures in fiscal and monetary policy.
His remarks align with a broader trend, as central banks around the world continue to expand their gold holdings and search for alternatives to the dollar.
Dollar’s Share in Global Reserves Shrinks
Data shows that the dollar’s share of global reserves has fallen sharply, from around 60% at the start of the century to just 43% by 2024. China’s decision to offload $57 billion worth of U.S. Treasuries last year only accelerated this decline.
A survey conducted by the World Gold Council revealed that 43% of central banks plan to increase their gold holdings in the next year, while 95% expect global reserves to keep growing.
This trend has fueled gold’s record-setting performance in 2025. Today, gold is no longer seen solely as a “safe haven” asset — it has become a symbol of monetary sovereignty, shielding economies from inflation, geopolitical risks, and declining trust in U.S. assets.
Bitcoin’s Potential Role in Reserves
Alongside gold’s rise, Bitcoin has started entering conversations about future reserve assets. According to Deutsche Bank, Bitcoin could share space with gold on central bank balance sheets by 2030. The report highlighted Bitcoin’s declining volatility, with fluctuations reaching historic lows despite record price levels.
Still, Bitcoin’s recent performance has shown weakness. After hitting $123,500 in August, it has slipped below $113,000 this week. Such swings explain why central banks remain cautious. Yet adoption is expanding in the corporate world: more than 180 publicly traded companies now hold Bitcoin or other digital assets, many mirroring MicroStrategy’s long-term accumulation model.
Policy and Perception Will Shape Bitcoin’s Future
Institutional and political narratives remain critical in defining Bitcoin’s trajectory. Deutsche Bank compared Bitcoin’s current skepticism to gold’s early adoption in the 20th century, suggesting that today’s doubts could gradually turn into acceptance.
Meanwhile, ahead of the Fed’s latest rate cut, Eric Trump remarked that looser monetary policy could send digital assets “skyrocketing.” His comments underline how deeply Bitcoin’s path is tied to macroeconomic decisions.
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