Central banks purchased a net 53 tonnes of gold in October 2025, a 36% month-over-month surge that brought the monthly total to the highest of the year.
This aggressive gold accumulation reflects growing concerns over macroeconomic uncertainty and a strategic shift away from traditional dollar-denominated assets.
Record Gold Purchases Signal Strategic Shift
According to World Gold Council data, central banks purchased a net 53 tonnes of gold in October alone—the highest monthly demand this year—led by Poland, Brazil, and emerging market economies.
Central banks acquired 254 tonnes year-to-date through October, making 2025 the fourth-highest year for gold accumulation this century. This trend highlights concerns about economic stability and currency diversification.
The National Bank of Poland led the activity, buying 16 tonnes in October. This brought Poland’s reserves to a record 531 tonnes, or about 26% of its total foreign exchange reserves. Brazil also bought 16 tonnes, while Uzbekistan added 9 tonnes and Indonesia acquired 4 tonnes. Turkey, the Czech Republic, and the Kyrgyz Republic expanded by 2 to 3 tonnes each. Meanwhile, Ghana, China, Kazakhstan, and the Philippines increased holdings, and Russia reduced its reserves by 3 tonnes to 2,327 tonnes.
95% of surveyed central banks expect reserves to climb next year. Serbia plans to nearly double its gold reserves to 100 tonnes by 2030, while Madagascar and South Korea are considering similar expansion. The sustained demand remains despite high gold prices, emphasizing gold’s strategic importance in uncertain times.
United States Establishes Bitcoin as National Reserve Asset
The trend is now spilling over into digital assets. As sovereign institutions diversify their reserves, Bitcoin is increasingly entering the conversation as a potential complement to gold.
In the United States, Senator Cynthia Lummis stated that funding for the Strategic Bitcoin Reserve “can start anytime,” citing President Trump’s executive order designating Bitcoin as a national reserve asset. The Treasury currently manages approximately 200,000 BTC—worth roughly $17 billion—under a budget-neutral framework using seized assets.
The House’s 2026 appropriations bill requires a 90-day Treasury study on custody, standards, and AI for sanctions enforcement. It also bans funds for a central bank digital currency. No further Bitcoin purchases are mandated beyond seized assets, leaving future reserve growth open for debate.
VanEck’s economic modeling projects that acquiring one million Bitcoin by 2029 could offset about 18% of the US national debt by 2049. CoinShares analysts suggest the reserve could strengthen technological leadership and offer inflation protection. Chainalysis economists, however, warn that simultaneous accumulation by many nations could affect market stability.
States and Nations Race to Build Bitcoin Reserves
Texas has already taken action. On November 20, it became the first US state to purchase Bitcoin for its treasury, acquiring $10 million through BlackRock’s spot Bitcoin ETF when prices briefly dipped to $87,000. The move signals a growing appetite among state governments to treat Bitcoin as a strategic asset.
The momentum is not limited to America. Taiwan’s legislature has urged the government to audit its Bitcoin holdings and consider adding cryptocurrency to its strategic reserves, with Premier Cho Jung-tai pledging a detailed report by year-end. Lawmakers cited concerns about the island’s heavy reliance on U.S. dollar assets, which account for over 90% of its $602.94 billion in foreign reserves.
Deutsche Bank analysts project that Bitcoin could appear on central bank balance sheets by 2030, coexisting with gold as a complementary hedge against inflation and geopolitical risk. As nations race to secure both traditional and digital safe-haven assets, the global reserve landscape may be on the verge of a historic transformation.
