Amid a changing geopolitical environment and global uncertainty the share of gold in global central bank reserves is rising (80% driven by price appreciation, the remainder especially driven by emerging market central banks buying). Currently the share of gold reserves stands at roughly 30%. In their research note Deutsche Bank argues that going by history that share might rise to 40-70%. Meanwhile in a research paper from February the Czech National bank has studied the impact of 1% of Bitcoin in their reserves. They find that it would enhance performance while even slightly decreasing volatility. We are still very early, but within that climate of uncertainty and geopolitical shifts Bitcoin could become a reserve asset alongside gold in the future. At least its underlying properties position it well for that: fixed final supply, predictability, easy transferability across borders, no central point of failure.(Dr. Jan Wüstenfeld)