I was surprised that Central Banks hold physical Gold & Silver, Treasuries and very little digital assets like Bitcoin.
I would assume they hold these assets at cost. Central Banks have been selling $US Treasuries to Buy Gold especially in 2025. So that means at $3.5K/oz - $4K/oz
As of today, very few central banks officially own volatile, decentralized digital assets like Bitcoin for their national reserves. The general consensus among most major central banks is that Bitcoin's high volatility and lack of a central guarantor make it unsuitable for traditional reserve assets, which prioritize safety and liquidity.
However, a few nations or government entities have moved to adopt Bitcoin, primarily through forfeited assets or strategic accumulation
Bitcoin/Digital Asset Holdings vs. Traditional Reserves
While most central banks avoid Bitcoin, there are a few notable exceptions and government-controlled holdings:
- United States: The U.S. government is the largest known state holder of Bitcoin, estimated to hold around 198,000 BTC (as of August 2025 in the search results). These coins were primarily acquired through forfeitures related to legal cases, not through a reserve management decision. There are discussions and recent executive action in the US to potentially establish a "Strategic Bitcoin Reserve" using these forfeited assets, marking a symbolic recognition of Bitcoin as a reserve asset.
- El Salvador: El Salvador is the first and only country to adopt Bitcoin as legal tender. Its government actively holds Bitcoin, with reserves reported to be over 6,100 BTC (as of March 2025).
- Bhutan: Bhutan, through its sovereign investment arm, has accumulated an estimated 13,000+ BTC (as of March 2025) through large-scale mining operations.
It is important to stress that the vast majority of central banks do not hold Bitcoin or similar volatile cryptocurrencies as part of their official foreign exchange reserves. |
