Released on October 19 during Money20/20 USA 2026 in Las Vegas, the report, Digital Gold: Unlocking a US$700bn Opportunity, estimates the current digital gold market at $45–55 billion.
Research unveiled at Money20/20 USA 2026 identifies up to $700 billion in long-term potential demand for digital gold, while projecting annual market growth of approximately 27% under its five-year base-case scenario.
The World Gold Council and Boston Consulting Group (BCG) have published a joint report examining the growth prospects of digital gold, identifying significant investment demand that could be unlocked through improved infrastructure, investor confidence and wider distribution.
Released on October 19 during Money20/20 USA 2026 in Las Vegas, the report, Digital Gold: Unlocking a US$700bn Opportunity, estimates the current digital gold market at $45–55 billion.
Based on a survey of more than 12,000 retail investors across 12 markets, interviews with industry experts and market analysis, the research suggests that nearly nine in ten surveyed investors would consider digital gold under the right conditions.
Digital Gold Could Reach $170 Billion by 2031
Under the report’s base-case scenario, the digital gold market is projected to grow by approximately 27% annually, reaching $160–170 billion by 2031.
In a more favourable scenario, where barriers to adoption are removed more quickly, the market could reach $270–280 billion over the same period.
The broader $700 billion figure represents an estimate of potential long-term demand if principal adoption barriers are addressed. It is not a forecast of market size in 2031.
Digital gold currently comprises two primary categories examined by the report: tokenised gold and vaulted digital gold, which enables investors to own physical gold held in custody through digital investment platforms.
Tokenised Gold Trading Activity Accelerates
Tokenised gold, one segment of the wider digital gold market, has expanded approximately fivefold in value since late 2024 to around $6 billion.
Cumulative spot trading volume in tokenised gold exceeded $90 billion during the first quarter of 2026, surpassing the total recorded throughout 2025.
The research places this expansion within a wider movement toward tokenised financial instruments and digital investment infrastructure.
However, continued adoption will depend on market participants addressing four main barriers identified by the report: trust, access, utility and cost.
Investor Confidence Remains Central to Adoption
The research identifies investor confidence as a decisive factor in digital gold adoption.
Respondents highlighted stronger consumer protection, transparent evidence of asset backing, accessible redemption and clearer regulatory standards as important conditions for investment.
Distribution through familiar financial channels could also accelerate adoption.
In markets such as China, India and Indonesia, where digital gold is available through banking applications, payment platforms and super-apps, investor penetration is up to seven times higher than in less developed digital gold markets.
The report also identifies opportunities to extend the utility of digital gold through payments, lending and collateral arrangements, provided that appropriate market infrastructure and safeguards are available.
Younger Investors Could Drive New Demand
Approximately 65% of the latent demand identified in the research comes from individuals who do not currently own gold.
Among existing digital gold investors, 52% had owned no gold before their first digital gold investment. Of that group, 92% subsequently purchased gold in other formats.
The report estimates that its base-case scenario could generate approximately $95 billion in genuinely new demand for gold by 2031.
Younger investors show particularly strong awareness of digital gold products. Awareness reaches 50% among people aged 25–34, compared with 23% among investors aged 55 and over.
These findings suggest that digital distribution could attract new participants to the wider gold investment market.
World Gold Council Develops Shared Digital Gold Infrastructure
David Tait, Chief Executive Officer of the World Gold Council, emphasised the importance of infrastructure that supports trustworthy and scalable digital gold products.
The organisation is developing Gold as a Service, a shared infrastructure initiative intended to support issuers with gold sourcing, custody and compliance capabilities.
The initiative aims to reduce the complexity of bringing digital gold products to market while encouraging greater consistency in industry standards.
Urs Rahne, Managing Director and Partner at BCG, highlighted gold’s physical backing as a potential foundation for trusted digital investment products.
The research indicates that digital gold’s future growth will depend on combining technological accessibility with credible asset backing, investor protection, regulatory clarity and competitive costs.
For financial institutions and fintech providers, the findings point to opportunities in tokenised investment products, digital wealth management, custody services and infrastructure supporting real-world assets.
Source: World Gold Council and Boston Consulting Group, Digital Gold: Unlocking a US$700bn Opportunity, October 2026. Forecasts represent modelled scenarios rather than guaranteed outcomes.
