Recent research shows that central banks worldwide are buying gold to stay ahead of inflation, with 85 sovereign wealth funds and 57 central banks collectively managing $21 trillion. While gold has long been considered a store of value and inflation hedge, Bitcoin has outperformed it this year. In 2022, central banks made record gold purchases with net acquisitions of 1,136 tonnes, with China and Turkey being the most aggressive buyers.

Central banks are unanimous in their reasons for loading up on gold, stating that it is a safe haven asset and a prevalent method for countering global inflation. However, Bitcoin has vastly outperformed gold recently, with BTC prices gaining more than 80% since the beginning of the year, while gold prices have only managed 4.6% over the same period.