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Cryptocurrency News Articles

Czech National Bank Governor Aleš Michl Plans to Build a Bitcoin Reserve

Jan 29, 2025 at 04:17 pm

Governor Aleš Michl of Czech National Bank has presented a plan to the board explaining how Bitcoin reserves could be a game-changer moving ahead.

Czech National Bank Governor Aleš Michl has disclosed plans to build a Bitcoin Reserve by purchasing billions of Euros worth of BTC. This comes as the newly elected Donald Trump government is seriously looking to build a strategic BTC reserve.

Governor Michl presented the central bank with a plan to invest in Bitcoin and diversify CNB’s reserves. The plan suggests that the Czech National Bank should have at least 5 percent of the total €140bn of reserves in BTC. This could mean a massive 7 billion euro inflow coming from just one European bank.

Speaking to the Financial Times, Czech National Bank Governor Aleš Michl said: “For the diversification of our assets, Bitcoin seems good. Those [Trump] guys can now kind of create some bubble for Bitcoin, but I think the trend would be an increase without those guys as well, because it's an alternative [investment] for more people.”

Michl acknowledged Bitcoin’s “extreme volatility” and relatively short track record but noted growing investor interest. He also highlighted how giants like BlackRock along with other firms have come up with regulated Bitcoin ETFs, which recorded massive success in 2024.

Last month in December, US Fed Chair Jerome Powell stated that the central bank wasn’t building its Bitcoin reserve as Congress hadn’t approved this yet. “We are not looking for a law change at the Fed,” Powell said.

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