Global central banks’ willingness to buy gold has climbed to a record high this year.

On June 17, local time, blockchain media outlet Cryptopolitan reported that 45 percent of institutions responding to the World Gold Council’s 2026 central bank gold reserves survey said they plan to increase gold holdings within the next year. That is the highest level since the survey began in 2018 and more than double the 20 percent recorded in 2020.

YouGov conducted the survey from Feb. 5 to May 19, with a total of 76 institutions responding. It is the largest in nine years since the survey began. Many responses were submitted after conflict in the Middle East intensified, and the survey was presented as material showing how central banks and reserve asset managers reflect geopolitical risks in asset allocation.

The key point is that the way gold is assessed is changing. Some 89 percent of respondents expected global gold reserves to keep increasing over the next year, though that was down from 95 percent a year earlier. The share who said gold’s weight in total reserves would rise in five years was 83 percent, up from 76 percent in the previous survey.

Reserve asset managers viewed gold less as a holding kept out of inertia and more as a crisis-response tool. More than 90 percent assessed gold as an asset that performs strongly in times of crisis, and said that was the most important reason to hold it. In the past, gold’s historical standing was the key reason, but the share citing it as the main driver fell to 46 percent from 62 percent. That suggests gold is being reassessed as an asset that performs an actual function.

Views on the dollar also changed. Some 74 percent of respondent institutions expected the dollar’s share in reserves to fall sharply within five years. The World Gold Council said gold had already become the world’s largest reserve asset, surpassing U.S. Treasuries.

At that point, bitcoin’s 'digital gold' narrative appears to be gaining little traction in the central bank market. Bitcoin has long been presented as a substitute for gold due to its scarcity, portability and independence from central bank control, but the survey found institutions managing sovereign reserves have not yet responded strongly to that logic. Only about 1 percent said they would reduce gold holdings within the next year, and no central bank gave bitcoin the same weight as gold.

Assessments of bitcoin also differed. Billionaire investor Ray Dalio (레이 달리오) argued early this year that bitcoin failed to act as a safe-haven asset as much as expected. He also pointed to the traceability of bitcoin’s public ledger, saying the digital asset ultimately has a controllable structure. By contrast, Strategy’s Michael Saylor (마이클 세일러) countered that gold is analog capital and bitcoin is digital capital.

Market variables still remain. The first Federal Reserve interest-rate decision under new Chair Kevin Warsh (케빈 워시) is scheduled this week, and in the short term both gold and bitcoin could fall under the influence of monetary policy. Still, the structural trend in 2026 shown by the survey is that central banks are leaning toward buying more gold and preparing to reduce the dollar’s share.

The survey shows that gold’s status remains solid in the central bank reserve asset market. Gold is again emerging as a practical defensive asset amid geopolitical risks and a move to reduce dependence on the dollar.

Bitcoin, meanwhile, is called 'digital gold' among private investors, but it has not yet been recognised as a substitute for gold within national reserve asset systems. As long as central banks’ shift in asset allocation continues to centre on gold, it appears time will be needed for bitcoin to enter discussions on institutional reserve assets in earnest.