Central banks may hold significant amounts of Bitcoin and gold by 2030, thanks to growing institutional popularity and a weakening dollar, according to Deutsche Bank AG.

Marion Laboure, a London-based senior economist at the German multinational investment bank, and analyst Camilla Siazon wrote in a recent report that, for central banks, a Bitcoin allocation could reflect a new, modern “cornerstone of financial security” that mirrors gold’s role in the 20th century. Their research comes as demand for both Bitcoin and gold reach record highs, with US tariff-driven uncertainty and geopolitical risk driving investors to hedge against inflation and prepare themselves for a future in which traditional fiat currency plays a smaller role.