Central banks becoming less inclined to invest in digital assets within the next 5 to 10 years.
Central banks around the world have shown a cautious interest in digital assets and currencies, with 15.9% of respondents considering investment within the next 5 to 10 years. However, no central bank currently views bitcoin as an appropriate investment class, according to recent surveys [1].
The Trump administration and Congress have passed laws, such as the GENIUS Act, to regulate stablecoins, introduce clearer rules for issuers, and establish federal oversight, aiming to promote innovation and stability rather than encourage central banks to hold cryptocurrencies [1][3].
The CBDC Anti-Surveillance State Act aims to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) without congressional approval, suggesting a cautious regulatory stance on CBDCs [1].
Globally, central banks and financial institutions are engaged more in experimentation with tokenized cash and CBDC projects, such as Project Guardian and Project mBridge, which focus on digital forms of sovereign currency rather than investing in cryptocurrencies like Bitcoin [4].
The surveys conducted earlier this year revealed that 50 central banks (59.5%) are against the idea of a bitcoin strategic reserve, while 23% are unsure about whether bitcoin is an appropriate investment class [2]. A significant number of 33 central banks (39.3%) are unsure about the idea of a bitcoin strategic reserve [2].
Interestingly, the surveys were conducted before Trump's March executive order regarding the creation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile [2]. Despite Trump briefly mentioning the idea of a bitcoin reserve in an earlier January digital asset executive order, there is no indication that central banks have increased their interest in investing in cryptocurrencies specifically following the executive order [2].
The risk of US protectionist policies emerged as the single biggest risk in the surveys, with 27 out of 72 (37.5%) central bankers planning to increase their gold positions, and none looking to reduce their exposure [2].
In the 2025 survey, only 2.1% of central bank respondents considered investing in cryptocurrencies over the same timescale, and just 11.6% consider cryptocurrencies as becoming a more credible investment [2].
In summary, central banks’ interest remains centered on regulation, digital currency experiments, and stablecoin infrastructure rather than adopting holdings in cryptocurrencies like Bitcoin influenced by Trump’s executive actions. No clear evidence shows a change in central bank investment behavior specifically triggered by the March executive order. The order seems part of a broader effort to introduce regulatory clarity and control rather than incentivize central banks to accumulate cryptocurrency reserves.
[1] Source: Financial Times [2] Source: Bank for International Settlements [3] Source: CoinDesk [4] Source: Central Bank Digital Currency (CBDC) Hub
1) Despite the Trump administration's actions to regulate stablecoins and potentially encourage innovation in digital finance, central banks remain cautious about investing in cryptocurrencies like Bitcoin, with only 2.1% considering such investments over the next 5 to 10 years.
2) Central banks are more inclined towards experimenting with digital forms of sovereign currency, such as Project Guardian and Project mBridge, rather than viewing Bitcoin as an appropriate investment class.
3) The surveys conducted by the Bank for International Settlements revealed that a majority of central banks (59.5%) are against the idea of a Bitcoin strategic reserve, suggesting a continued skepticism towards investing in digital assets.
