Central banks purchased a net 53 tonnes of gold in October 2025. This represents a 36% increase in gold accumulation month-on-month, the highest result of the year.
This aggressive accumulation of gold reflects growing concerns about macroeconomic uncertainty and a strategic shift away from traditional USD-denominated assets.
Poland at the top: Record trends in gold accumulation
According to data from the World Gold Council, central banks purchased a net 53 tonnes of gold in October. This is the highest monthly demand this year, with Poland, Brazil, and emerging market economies leading the way.
Central banks acquired 254 tons by the end of October, making 2025 the fourth largest year for gold accumulation in this century. This trend underscores concerns about economic stability and currency diversification.
The National Bank of Poland continues its steady accumulation, buying 16 tons in October. This brought Poland's reserves to a record 531 tons, or about 26% of total foreign currency reserves. Brazil also purchased 16 tons, Uzbekistan added 9 tons, and Indonesia acquired 4 tons. Turkey, the Czech Republic, and the Kyrgyz Republic increased their holdings by 2 to 3 tons each. Meanwhile, Ghana, China, Kazakhstan, and the Philippines increased their reserves, while Russia reduced its reserves by 3 tons to 2,327 tons.
95% of surveyed central banks expect an increase in reserves next year. Serbia plans to nearly double its gold reserves to 100 tons by 2030, while Madagascar and South Korea are considering similar expansions. Sustained demand continues despite high gold prices, underscoring the strategic importance of gold in uncertain times.
The United States is establishing Bitcoin as a national reserve asset
The trend is now spilling over into digital assets. As state institutions diversify their reserves, Bitcoin is increasingly appearing in conversations as a potential complement to gold.
In the United States, Senator Cynthia Lummis stated that funding for the Bitcoin Reserve 'could begin at any moment.' She cites President Trump's executive order that grants Bitcoin the status of a national reserve asset. The Treasury currently manages approximately 200,000 BTC – worth about $17 billion. All of this is under a neutral budget utilizing seized assets.
The House budget bill for 2026 requires a 90-day Treasury study on storage, standards, and artificial intelligence for enforcing sanctions. It also prohibits funds for central bank digital currency. There are no further commitments to Bitcoin purchases beyond seized assets, leaving future reserve growth open for discussion.
VanEck's economic modeling predicts that acquiring one million Bitcoins by 2029 could offset about 18% of the US national debt by 2049. CoinShares analysts suggest that the reserve could strengthen technological leadership and provide protection against inflation. Meanwhile, Chainalysis economists warn that simultaneous accumulation by multiple countries could impact market stability.
The USA and other countries are racing to build Bitcoin reserves
Texas has already taken action. On November 20, it became the first American state to purchase Bitcoin for its state treasury. Texas bought $10 million through the BlackRock Bitcoin ETF when prices briefly fell to $87,000. This 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 called on the government to audit its Bitcoin holdings and consider adding cryptocurrency to its strategic reserves. Meanwhile, Premier Cho Jung-tai has committed to presenting a detailed report by the end of the year. Lawmakers have expressed concerns about the island's heavy reliance on USD-denominated assets, which account for over 90% of its $602.94 billion in foreign reserves.
Analysts at Deutsche Bank predict that Bitcoin may appear on central bank balance sheets by 2030, coexisting with gold as a complementary hedge against inflation and geopolitical risk. Currently, countries are competing to secure both traditional and digital safe assets. At the same time, the global reserve landscape may be on the brink of historic transformation.
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