Bitcoin's 'digital gold' narrative lags as central banks swap dollar for gold in 2026

The World Gold Council’s 2026 Central Bank Gold Reserves Survey, released Tuesday, found that a record 45% of respondents plan to grow their own gold holdings over the next year, the highest reading since the survey started in 2018 and more than double the 20% recorded in 2020.

YouGov ran the poll between February 5 and May 19, totaling 76 responses. This was the largest survey ever since it began nine years ago.

According to the report, most respondents submitted their answers after the Middle East conflict escalated, providing a clear picture of how central banks and other reserve managers generally price geopolitical risks into their balance sheets. 

Why central banks keep stacking gold

The World Gold Council’s 2026 Central Bank Gold Reserves report revealed that 89% of the respondents expected global gold reserves to keep rising over the next year. Notably, this is a drop from last year’s 95% confidence vote. 

However, the survey also revealed that this year, 83% of central banks believed that gold would make up a larger percentage of total reserves in five years, up from 76% in the previous survey. Despite the growing interest in gold reserves among central banks, there’s a clear shift in how reserve managers view the traditional asset. 

According to the study, over 90% of reserve managers now view gold as a strong performer in times of crisis and, consequently, argue that it is the most important reason to hold gold.

Historically, central banks held gold for its plain old historical legacy, and now only 46% consider it the main reason, down from 62% the previous year. 

Fewer central bankers are holding gold out of habit; more are holding it because it does a job.

Alongside the shift in how reserve managers view gold, there is increasing skepticism toward the U.S. dollar. The report highlights that 74% of respondents believe the dollar’s share of reserves will decline significantly over the next 5 years.

Gold’s share of reserves has already overtaken U.S. government bonds as the world’s top reserve asset, according to the Council. 

Where does that leave Bitcoin’s ‘digital gold’ pitch?

For over a decade, Bitcoin bulls have pitched BTC as gold’s natural successor since it is scarce, portable, and free of any central bank’s say-so. Despite that, this survey shows that institutions responsible for sovereign reserves haven’t bought much of the Bitcoin idea just yet. 

According to the data, approximately 1% of respondents expected to cut down on their gold reserves in the next year, and sadly, no central bank has given Bitcoin the same weight as gold. 

Earlier this year, Ray Dalio argued that Bitcoin has not lived up to its role as a safe-haven asset as many expected. He even argued against Bitcoin’s public ledger, saying its traceability, in itself, makes the digital asset controllable. 

In response, Strategy’s Michael Saylor asserted that gold is analog capital, while Bitcoin is digital capital. He countered Dalio’s transparency argument, saying that Bitcoin’s transparency is a feature, not a flaw. Saylor argued that Bitcoin has beaten gold on a risk-adjusted basis since Strategy went all-in back in August of 2020. 

The Fed’s first rate decision under new chair Kevin Warsh lands this week, and that will likely move both assets more than any survey can. But the structural story for 2026 is already written as central banks are buying more gold than ever. 

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