Gold for nations, BTC for the people
While central banks embrace easy money, governments buy gold at a historic pace: 830 tonnes annually by 2025, with 23 countries increasing their reserves in the first half alone.
Source:
This follows three consecutive years of above-average accumulation – 1,080 tonnes in 2022, 1,051 in 2023 and 1,089 in 2024 – making this the 16th consecutive year of net purchases, the longest streak ever.
Before 2010 central banks were net sellers for 21 years.
Bitcoin is at a similar level.
Source: CryptoQuant
Long-term holders are controlling near-record supply, currency balances are shrinking and institutional demand is rising.
Investors are increasingly viewing BTC as the digital equivalent of gold, a scarce hedge fund, as global easing and growing risk appetite drive demand for alternative stores of value.