Deutsche Bank AG(US:DB) Hua Er Jie Jian Wen·2025-10-10 02:25Group 1: Core Insights - The trend of de-dollarization and increased demand for safe-haven assets is leading to a significant shift in traditional central bank reserve allocations, with Bitcoin and gold expected to become important components by 2030 [1] - The report from Deutsche Bank highlights that the share of the US dollar in global reserves has decreased from 60% in 2000 to an estimated 41% by 2025, creating space for alternative reserve assets like gold and Bitcoin [1][2] - Gold's status as a traditional safe-haven asset is being reinforced, with central banks becoming net buyers since 2010, and the total amount of gold held in global reserves exceeding 36,000 tons [2] Group 2: Bitcoin as a Reserve Asset - Bitcoin is gaining attention as a potential reserve asset, drawing parallels to the historical discussions surrounding gold, with analysts suggesting it could become a new "financial safety cornerstone" [3] - Despite the growing interest, the debate around Bitcoin's role in central bank reserve strategies remains contentious, with its performance as an asset prompting wider discussions [3] Group 3: Perspectives on the Dollar - Not all market observers agree with the optimistic outlook for Bitcoin and gold as reserve assets, with some analysts suggesting that stablecoins could unlock new demand for the US dollar, potentially adding $1.4 trillion in demand by 2027 [4] - The Deutsche Bank report maintains a cautious stance, asserting that neither Bitcoin nor gold will completely replace the dollar, but rather serve as complementary tools in central bank reserve strategies [4]