Shawn Young, chief analyst at MEXC Research, attributes this cautious stance to volatility, regulatory uncertainty, and structural conservatism. “Central banks prioritize stability and liquidity — and Bitcoin, despite its resilience, still doesn’t consistently offer these qualities,” he said.

Shift Away from Traditional Bonds

The survey also highlights a growing appetite for diversification. While gold remains the dominant reserve asset, central banks are increasingly eyeing corporate bonds and public equities for the next 10 years. About 16% expect to reduce their government bond holdings, and 13% plan to cut cash reserves.

Meanwhile, digital assets are slowly gaining ground. Around 10% of participants said they might increase exposure to digital assets, though the focus is primarily on tokenized securities rather than mainstream cryptocurrencies.

Governments Are Holding Bitcoin?

According to Chainalysis, some governments have started to accumulate significant amounts of cryptocurrency, mainly from law enforcement seizures. Unlike in the past, these assets are now being strategically held instead of immediately liquidated. The United States is among the countries shifting toward this approach.

In China, approximately $50 billion worth of seized crypto is held, although the lack of a centralized management policy raises concerns about transparency and long-term value. Analysts believe that a unified national strategy could reshape China’s stance on digital assets.

Early Bitcoin Adopters: El Salvador and Bhutan

El Salvador made global headlines in 2021 when it became the first country to adopt Bitcoin as legal tender. While the move attracted investment and attention, it also triggered political friction, particularly with the IMF, leading the country to soften some of its policies. Young notes that El Salvador’s goal was to attract investment, tourism, and tech infrastructure.

Shifting Sentiment in Europe

In a bold departure from traditional European monetary policy, Czech National Bank Governor Aleš Michl proposed allocating 5% of the country’s reserves to Bitcoin. This view contrasts with the European Central Bank, where President Christine Lagarde continues to reject Bitcoin as a viable reserve asset due to concerns over liquidity, security, and AML compliance.

Switzerland presents a unique case: a 2024 People’s Initiative aims to amend the constitution, requiring the Swiss National Bank to hold Bitcoin alongside gold. If successful, it could lead to the world’s first national referendum on Bitcoin as a reserve asset — showcasing rising public and institutional acceptance of digital assets in a country known for financial privacy.

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