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Cryptocurrency News Articles
Czech Central Bank Reviews Bitcoin Reserves Plan
Jan 29, 2025 at 07:01 pm
The Czech National Bank (CNB) is considering Bitcoin as part of its reserve diversification strategy, while China has reportedly sold a significant portion of its holdings.
The Czech National Bank (CNB) is considering Bitcoin as part of its reserve diversification strategy, while China has reportedly sold a significant portion of its holdings.
The CNB board is set to review the proposal at a meeting on January 30, according to the Financial Times. If approved, the bank's Bitcoin investment could exceed $7.3 billion.
This estimate is based on the bank's total reserves of more than $146 billion, according to André Dragosch, head of research at Bitwise. He noted that such a purchase would represent approximately 5.3 months of newly mined Bitcoin supply.
The report comes after CNB board adviser Janis Aliapulios told Cointelegraph earlier in January that the bank was not considering Bitcoin investments at the time. Instead, the bank planned to increase its gold holdings to 5% of total assets by 2028.
However, Governor Aleš Michl has since indicated that Bitcoin is now under review as a potential reserve asset, though further analysis is required before a decision is made.
Meanwhile, China is believed to have sold nearly $20 billion worth of Bitcoin linked to the PlusToken Ponzi scheme, according to a report by DeepChain.
The government reportedly sold the BTC over a period of several months through exchanges such as Huobi. The assets were seized by Chinese authorities in 2019.
While authorities previously stated that the seized funds were transferred to the national treasury, they did not confirm whether they were sold or retained.
The report also noted that BlackRock, the world's largest asset manager, purchased Bitcoin for five consecutive trading days, with its largest acquisition occurring on January 21, when it bought $600 million worth of the asset, according to Arkham Intelligence.
Institutional demand has helped offset selling pressure from China's reported liquidations.
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