On that bet, gold and bitcoin aren’t racing against each other — they’re at different points on the same course. Gold already has the custody, legal and reserve-eligibility infrastructure that lets central banks act on a debasement and reserve-currency diversification thesis today. Bitcoin doesn’t yet — at least not fully.
Gold’s lead reflects decades of built plumbing, not a stronger claim to the thesis. Bitcoin does not have the same penetration in terms of knowledge. It is earlier on the same curve, not a different one, and it often appeals to a younger generation of investors.
Central banks bought a record 289 metric tons of gold in the second quarter of 2026, after 244 metric tons in the first, according to data from an industry body funded by mining interests. This is worth flagging even as the pace of buying is independently corroborated elsewhere, and the clearest signal of where reserve managers are putting money…
