Yeliz Akmaca 
In a period of growing global economic uncertainty, central banks are reshaping their reserve strategies. Many countries are rapidly increasing their gold holdings, while the debate around Bitcoin as a potential reserve asset is gaining momentum. With macro risks rising, demand for both traditional and digital safe-haven assets is becoming more visible.
The World Gold Council’s latest data shows that central banks purchased a net 53 tons of gold in October, marking the strongest monthly demand of 2025. Poland and Brazil led the buying trend, followed by several emerging-market economies seeking to diversify away from the US dollar. This renewed appetite reflects shifting reserve preferences across developing countries.
Poland added 16 tons in October, lifting its reserves to 531 tons, around 26 percent of its total foreign assets. Brazil also bought 16 tons, while Uzbekistan added 9 and Indonesia 4. Türkiye, the Czech Republic and Kyrgyzstan increased holdings by 2 to 3 tons. Ghana, China, Kazakhstan and the Philippines expanded reserves gradually, whereas Russia reduced its holdings by 3 tons to 2,327.
Central banks are ramping up gold purchases:
Global central banks purchased +53 tonnes of gold in October, the most since November 2024.
This marks a +194% jump compared to July, and the 3rd-straight monthly acceleration.
In the first 10 months of the year, central banks have… pic.twitter.com/7pZWyEjjvf
— The Kobeissi Letter (@KobeissiLetter) December 4, 2025
A New Phase in the US Bitcoin Debate
The United States has intensified its discussion around Bitcoin after establishing a national BTC reserve framework. The initiative became official with a presidential order in March 2025, designating Bitcoin as a national reserve asset and placing about 200,000 BTC under Treasury management through seized funds. Analysts argue this approach could influence long-term debt dynamics, though others warn that large-scale government accumulation may impact market stability.
Momentum is also growing at the state level. In November, Texas became the first US state to purchase Bitcoin for its treasury, investing 10 million dollars through BlackRock’s spot ETF during a price dip. Seventeen states are now reviewing similar reserve legislation, signaling deeper integration of digital assets into public finance.
A Global Shift Toward Digital Reserves?
The trend is not limited to the United States. Governments across Asia and Europe are reassessing their reserve compositions and considering whether to include digital assets. Countries aiming to reduce reliance on the US dollar are exploring alternatives more actively.
Forecasts vary among analysts. VanEck estimates that acquiring one million Bitcoin by 2029 could offset roughly 18 percent of US federal debt by 2049. CoinShares highlights potential benefits for technological leadership and inflation protection, while Chainalysis warns of instability if multiple nations accumulate BTC simultaneously.
Some projections suggest Bitcoin may appear on central bank balance sheets by 2030, complementing gold as a dual safe-haven structure. As the global economic order evolves, countries are accelerating their search for next-generation reserve strategies, and digital assets are becoming an increasingly important part of that conversation.
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