Central Banks Are Stockpiling Gold: Could Bitcoin Follow Suit?

In October 2025, central banks made a notable move by acquiring a net total of 53 tonnes of gold, representing a 36% increase from the previous month. This surge highlights the highest monthly total of gold purchases for the year.

Key Takeaways:

Central banks increased gold purchases to 53 tonnes in October 2025, signaling economic concerns.
Poland and Brazil led gold acquisitions, reflecting a trend toward currency diversification.
The U.S. sees Bitcoin as a potential national reserve asset, with future discussions on its acquistion.
State governments like Texas are now viewing Bitcoin as a strategic asset.
Global interest in Bitcoin and gold indicates a shifting landscape in reserve management for nations.

This rising trend of gold accumulation indicates heightened concerns about macroeconomic stability and a strategic pivot away from traditional assets tied to the dollar.

Record Gold Purchases Indicate a Strategic Shift

Data from the World Gold Council reveals that central banks purchased a net of 53 tonnes of gold in October alone, making it the month with the highest demand this year. Leading the way in these purchases were Poland, Brazil, and various emerging market economies.

As of October, central banks have acquired a total of 254 tonnes of gold this year, marking 2025 as the fourth-highest year for gold buying in this century. This ongoing trend underscores anxieties over economic stability and the need for currency diversification.

The National Bank of Poland was particularly active, acquiring 16 tonnes of gold in October, thus boosting its reserves to a record 531 tonnes—approximately 26% of its total foreign exchange reserves. Similarly, Brazil purchased 16 tonnes, while Uzbekistan added 9 tonnes and Indonesia bought 4 tonnes. Other countries like Turkey, the Czech Republic, and the Kyrgyz Republic increased their reserves by 2 to 3 tonnes each. In contrast, Russia reduced its reserves by 3 tonnes, totaling 2,327 tonnes.

Central banks are intensifying their gold purchases:

In October, global central banks bought over 53 tonnes of gold, the largest amount since November 2024.
This reflects a remarkable 194% increase compared to July and marks the third consecutive month of rising purchases.
In the first ten months of the year, central banks have…

Gold Purchases

95% of surveyed central banks believe their reserves will increase next year. For example, Serbia plans to nearly double its gold reserves to 100 tonnes by 2030, while Madagascar and South Korea are contemplating similar expansions. The strong demand for gold persists despite its high prices, underscoring its strategic significance in uncertain economic times.

U.S. Recognizes Bitcoin as a National Reserve Asset

The shift in asset accumulation is now extending to the digital realm, with Bitcoin increasingly becoming a topic of discussion as countries diversify their reserves.

In the United States, Senator Cynthia Lummis has indicated that funding for a Strategic Bitcoin Reserve “can start anytime,” referencing President Trump’s executive order that designates Bitcoin as a national reserve asset. Currently, the U.S. Treasury manages around 200,000 BTC—valued at roughly $17 billion—using a budget-neutral framework based on seized assets.

The 2026 appropriations bill requires a 90-day Treasury study on custody, standards, and the use of AI for sanctions enforcement, while also prohibiting funding for a central bank digital currency. The possibilities of further Bitcoin acquisitions beyond seized assets remain open for discussion.

Economic modeling by VanEck suggests that acquiring one million Bitcoin by 2029 could help offset about 18% of the U.S. national debt by 2049. Meanwhile, CoinShares analysts believe that this reserve could fortify technological leadership and provide protection against inflation. However, economists from Chainalysis caution that a simultaneous buildup of reserves by various nations may disrupt market stability.

States and Nations Compete to Build Bitcoin Reserves

Texas has already made moves in this direction. On November 20, it became the first U.S. state to purchase Bitcoin for its treasury, obtaining $10 million through BlackRock’s spot Bitcoin ETF when prices nearly dropped to $87,000. This action signals a growing readiness among state governments to consider Bitcoin as a strategic asset.

The momentum isn’t confined to the United States. Taiwan’s legislature has called on the government to evaluate its Bitcoin holdings and consider adding cryptocurrency to its strategic reserves. Premier Cho Jung-tai has pledged to provide a detailed report by the end of the year, citing concerns over the island's heavy reliance on U.S. dollar assets, which represent over 90% of its $602.94 billion in foreign reserves.

Analysts from Deutsche Bank foresee Bitcoin making its way onto central bank balance sheets by 2030, coexisting with gold as a hedge against inflation and geopolitical risks. As nations work to secure both traditional and digital safe-haven assets, the global reserve landscape may be on the brink of a significant transformation.