Gold for nations, BTC for the people
As central banks embrace easy money, governments are buying gold at historic rates: 830 tonnes annualized in 2025, with 23 countries increasing reserves in the first half alone.
Source: X
This follows three consecutive years of above-average accumulation — 1,080 tonnes in 2022, 1,051 in 2023, and 1,089 in 2024 — making it the 16th straight year of net purchases, the longest streak on record.
Prior to 2010, central banks were net sellers for 21 years.
Bitcoin is on a similar tangent.
Source: CryptoQuant
Long-term holders control near-record supply, exchange balances are shrinking, and institutional demand is rising.
Investors increasingly treat BTC as a digital counterpart to gold, a scarce hedge asset, as global easing and growing risk appetite drive demand for alternative stores of value.