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Central banks worldwide are buying gold at a record pace. It’s a clear reaction to growing economic uncertainty, and according to market commentator The Kobeissi Letter, demand for gold is even historically high.
This movement is sparking new discussions about the role of bitcoin, which is increasingly seen as digital gold.
Gold Reserves Soaring #
According to figures from the World Gold Council, central banks purchased 53 tons of gold in October. This is the highest monthly increase of the year and a full 36 percent more than in September.
The Kobeissi Letter emphasizes that this marks the third consecutive month of increasing purchases. Poland led with a purchase of 16 tons, bringing the country’s total gold reserves to 531 tons. This represents approximately 26 percent of the country’s total reserves.
Brazil was also active with another 16 tons, and countries like Uzbekistan, Indonesia, Turkey, and the Philippines expanded their reserves as well.
So far this year, central banks have already purchased 254 tons of gold. This makes 2025 one of the best buying years of this century. Remarkably, these purchases continue despite the high gold price.
Many emerging economies see gold as a way to protect themselves against exchange rate risks and geopolitical tensions. A World Gold Council survey even shows that 95 percent of central banks expect to increase their reserves further next year.
Will Bitcoin Follow Along? #
Bitcoin has been called ‘digital gold’ for years. The question often arises whether bitcoin will benefit if gold rises.
Major financial institutions are increasingly taking bitcoin’s role seriously. For example, JPMorgan maintains a price target of approximately €146,000 in the coming months.
According to the bank, bitcoin often shows the same behavior as gold during turbulent periods: it serves as a safe haven for investors seeking security. At the same time, JPMorgan emphasizes that bitcoin’s fundamentals are strong, despite the turbulent market.
While central banks are currently sticking to physical gold, bitcoin is increasingly mentioned as a modern addition. The coming years will show whether the digital alternative will ever achieve the same status.