Gold has reached its highest representation in central bank reserves for decades, potentially influencing Bitcoin’s future as a reserve asset, according to Deutsche Bank.

Global central banks have been augmenting their gold reserves in recent years, which could have significant implications for Bitcoin’s positioning, as per a recent Deutsche Bank report. Gold’s proportion of central bank reserves hit 24% in Q2, the highest since the 90s.

Official demand for gold is now accelerating at double the pace of the 2011–2021 average, prompting analysts to draw parallels between gold and Bitcoin (BTC), which has seen remarkable performance in 2025.

The increased accumulation of gold is indicative of a notable shift in global finance, reflecting the same behavior prevalent throughout much of the 20th century.

Gold Reclaims Inflation-Adjusted Highs

Gold has recently surpassed its inflation-adjusted all-time highs from 1980, which Deutsche Bank strategists attribute to a variety of factors such as decades of central bank selling and the rise of fiat currencies.

“Only in recent weeks has gold managed to break past its real-adjusted all-time highs from approximately 45 years ago,” Deutsche Bank analysts stated.

Bitcoin’s Appeal as a Reserve Candidate

As gold achieves new historic highs in inflation-adjusted terms, macro strategist Marion Laboure has outlined compelling parallels between the trajectories of both assets, suggesting Bitcoin as an appealing store of value.

Laboure noted significant similarities in the performance trends of gold and Bitcoin in her report titled “Gold’s Reign, Bitcoin’s Rise.” Furthermore, both assets have shown high volatility and periods of underperformance.

Finally, Laboure anticipates that both Bitcoin and gold could feature on central bank balance sheets by 2030. Despite concerns over Bitcoin’s volatility, its characteristics position it as a ‘safe-haven’ asset alongside gold.