CNB Governor Considers Including Bitcoin in Reserves

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by Giorgi Kostiuk

2 years ago

The governor of the Czech National Bank, Aleš Michl, is considering the inclusion of Bitcoin as part of the country's foreign exchange reserve diversification strategy.

Investment Consideration

Aleš Michl mentioned in an interview with CNN Prima News that he is considering acquiring 'a few Bitcoin' for diversification purposes. However, this would require approval from the bank's board, which consists of seven members. Janis Aliapulios, one of the board's advisors, confirmed that the bank is currently not planning any such investments.

Bank's Current Strategy

At present, the Czech National Bank continues to invest in gold as part of its current diversification plan. The bank aims to increase its gold holdings to about 5% of its total assets by 2028.

Bitcoin as a Safe Asset

Michl's remarks come amid a shift among financial institutions and governments evaluating Bitcoin as part of their financial strategies, notes author and blockchain expert Anndy Lian. Lian suggests there could be a gradual redefinition of what constitutes a 'safe' reserve asset. Despite Bitcoin's 131% rise over the past year, its high levels of volatility could become a 'double-edged sword' for national reserves.

The question of integrating Bitcoin into the Czech National Bank's reserves remains open while gold retains its position as a central part of the diversification strategy.

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