Digital Gold Could Reach $170B by 2031, WGC and BCG Say
WGC and BCG project a $160–170 billion digital-gold market by 2031, while treating the $700 billion opportunity as longer-term potential demand.
Key Notes
- WGC and BCG project a $160–170 billion digital-gold market by 2031 in their base case.
- The $700 billion figure represents longer-term potential demand if barriers fall.
- The study covers vaulted gold accounts and gold-backed tokens rather than Bitcoin.
The market for digital ownership of physical gold could grow to $160 billion–$170 billion by 2031, according to a joint study by the World Gold Council and Boston Consulting Group. Their base case implies annual growth of about 27% from an estimated $45 billion–$55 billion today.
The October 19 announcement also identifies up to $700 billion in potential demand if adoption barriers were removed. That larger figure describes a long-term opportunity, rather than money already committed or a forecast for the market in 2031.
The report’s scenarios span a wide range. Faster improvements could produce a $270 billion–$280 billion market by 2031; if barriers remain largely unresolved, the estimate falls to $70 billion–$80 billion. The modelling holds other factors, including the gold price, constant, separating adoption growth from a prediction of higher bullion prices.
Digital gold means a claim on physical metal
The study covers two categories: tokens representing a fixed quantity of physical gold in custody, and app-based accounts through which investors own vaulted gold. It is examining gold-backed products, rather than Bitcoin’s description as digital gold.
Vaulted accounts make up approximately 89% of the market considered in the research, with tokenized gold accounting for about 11%. The report puts the tokenized segment at roughly $6 billion, led by Tether Gold and Paxos Gold. The much larger $160 billion–$170 billion projection therefore cannot be read as a forecast for gold tokens alone.
Trust and distribution determine the growth path
The research draws on a survey of more than 12,000 respondents across 12 markets and interviews with 20 industry experts. Nearly nine in ten retail investors surveyed expressed willingness to consider digital gold under suitable conditions. That measures stated interest, not completed purchases.
Four obstacles dominate the findings: trust in providers, access through familiar financial channels, useful applications and competitive pricing. Investors want confidence that physical backing exists and that redemption is practical. Bank, payment and mainstream app distribution could help make the products easier to find and use.
Regulatory clarity forms part of that trust problem. CoinScreamer’s coverage of the UK’s tokenized-gold review examines one effort to clarify how such products fit existing financial rules.
The report also identifies lending, collateral and payments as potential uses beyond holding gold. Their contribution depends on adoption and product design; the projections do not imply that simply issuing a token creates income or guarantees demand.
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