A staff paper from a G20 central bank sketches a scenario where a small allocation to Bitcoin sits alongside gold and FX reserves. It’s not a policy announcement, but it tells you what they’re stress-testing.
The authors focus less on ‘number go up’ and more on correlations, liquidity in stress, and political optics. In other words: what it looks like to hold BTC as a macro hedge, not a meme.
Signals buried inside a dry PDF
- They model BTC in the same framework as gold and equities.
- They acknowledge self-custody and seizure-resistance as variables.
- They treat mining and energy use as a political, not technical, risk.
Nobody is flipping a switch tomorrow. But once an idea lives in staff papers, it has already moved from ‘unthinkable’ to ‘unlikely but modelled’.