Press reporting gives the distinct impression that more central banks are warming to investing in cryptocurrencies. However, a recent Central Banking survey about central bank reserves, shows a mixed picture. Last year 15.9% of the central bank respondents said they would consider investing in digital assets or currencies within five to ten years. But in the 2025 survey, the figure for cryptocurrencies was just 2.1% over the same timescale.
None of the 91 central banks that manage more than $7 trillion in reserves currently have digital asset investments.
While no central banks currently consider bitcoin an appropriate investment class, 23% of central banks said they were unsure, and 11.6% said cryptocurrencies are becoming a more credible investment.
Turning to the idea of a bitcoin strategic reserve, just one central bank was supportive, with 50 (59.5%) against the idea. However, a significant number (33, or 39.3%) were unsure.
The survey was conducted in January and February, before Trump’s March executive order regarding the creation of a Strategic Bitcoin Reserve as well as a U.S. Digital Asset Stockpile. That said, he briefly mentioned the idea in an earlier January digital asset executive order.
Some view Bitcoin as a safe haven asset, although sometimes its price performance mirrors the stock market direction. During the coming year, the more traditional safe haven, gold, will attract more investment from central bankers, with 27 out of 72 (37.5%) planning to increase their positions, and none looking to reduce their exposure.
Despite the survey being conducted earlier in the year, before the latest round of US tariffs, survey respondents cited US protectionist policies as the single biggest risk. That risk might have transpired a little sooner and larger than anticipated.
