Central banks are buying gold: Bitcoin could be next

In October 2025, central banks' net gold purchases totaled 53 tonnes. This figure increased by 36% compared to the previous month and reached the highest level this year. This active gold accumulation reflects growing concerns about macroeconomic uncertainty and a strategic shift away from traditional US dollar-denominated assets.

Central Banks Increase Gold Purchases

According to the World Gold Council, central banks purchased 53 tonnes of gold in October alone, marking the highest monthly total this year. Poland, Brazil, and emerging economies led the purchases.

From the beginning of the year through October, central banks purchased 254 tonnes, making 2025 the fourth-largest year for gold accumulation this century. This trend underscores concerns about economic stability and the need to diversify foreign exchange reserves.

Purchase Leaders

The National Bank of Poland was the most active, purchasing 16 tonnes in October. This brought the country's reserves to a record high of 531 tonnes, representing approximately 26% of its total gold and foreign exchange reserves. Brazil also purchased 16 tonnes, while Uzbekistan added 9 tonnes, and Indonesia 4 tonnes. Turkey, the Czech Republic, and the Kyrgyz Republic each increased their reserves by 2-3 tonnes.

Meanwhile, Ghana, China, Kazakhstan, and the Philippines increased their holdings, while Russia reduced its reserves by 3 tonnes, to 2,327 tonnes.

Central Bank Forecasts and Expectations

95% of central banks surveyed expect reserves to increase next year. Serbia plans to nearly double its gold reserves to 100 tonnes by 2030. Madagascar and South Korea are considering similar expansion plans. Demand remains robust even amid global economic instability.

Bitcoin vs. Gold: Which is the Better Investor in 2025

With growing interest in gold, the question arises: could Bitcoin be the next asset to be acquired by central banks? Bitcoin, as digital gold, offers unique advantages such as a limited supply and high liquidity. However, its volatility and regulatory uncertainty remain significant barriers to its adoption as a reserve asset.

Bitcoin's Benefits and Risks

Bitcoin may offer diversification and inflation protection, but its price is subject to wild price fluctuations. While gold is traditionally viewed as a safe haven asset, Bitcoin is still developing its reputation.

Central banks seeking stability may be cautious about investing in Bitcoin until greater legal certainty and stability are achieved in the cryptocurrency market.

In Conclusion

Thus, active gold purchases by central banks highlight growing concerns about economic stability and the need for reserve diversification. While Bitcoin may be the next step in this evolution, its adoption as a reserve asset requires further development and stabilization. Investors and central banks will closely monitor the performance of both gold and Bitcoin in the coming years.