捷克国家银行认为将1,400亿欧元的储量中的5％分配给比特币

州长AlešMichl在对《金融时报》的独家采访中透露了这一计划，强调了与主要中央银行通常偏爱的传统资产策略大胆偏离。

The Czech National Bank (CNB) is set to decide on Thursday whether to allocate up to 5% of its €140 billion in foreign exchange reserves to Bitcoin, an amount totaling roughly €7 billion (roughly $7.31 billion). Governor Aleš Michl revealed the plan in an exclusive interview with the Financial Times, highlighting a bold departure from the traditional asset strategies usually favored by major central banks.

捷克国家银行（CNB）定于周四决定是否将其1,400亿欧元的外汇储备中的5％分配给比特币，总额约为70亿欧元（约合73.1亿美元）。州长AlešMichl在对《金融时报》的独家采访中透露了这一计划，强调了与主要中央银行通常偏爱的传统资产策略大胆不同。

CNB Eyes Bitcoin For 5% Of €140 Billion Reserves

CNB眼比特币的1400亿欧元中的5％

Governor Michl, who previously worked as an investment fund manager, expressed his conviction that introducing BTC into the CNB’s portfolio could serve as a viable way to diversify holdings. “For the diversification of our assets, Bitcoin seems good,” he told the FT. He acknowledged the cryptocurrency’s “extreme volatility” and limited track record but pointed to rising institutional interest since global asset managers like BlackRock launched Bitcoin exchange-traded funds last year.

曾担任投资基金经理的州长米歇尔（Michl）表示，他的信念是，将BTC引入CNB的投资组合中可以作为多元化持股的可行方式。他告诉英国银行，“为了使我们的资产多样化，比特币看起来不错。”他承认加密货币的“极端波动”和有限的往绩记录，但指出机构的兴趣不断上升，因为像贝莱德（Blackrock）这样的全球资产经理去年推出了比特币交易所交易的资金。

Should the board approve the plan, the CNB could direct as much as 5% of its reserves—equivalent to approximately €7 billion—into Bitcoin. “Five percent [of our assets] is a lot of money, even for the Bitcoin market,” Governor Michl noted, underscoring the potential impact of a sizable BTC purchase by a sovereign authority.

如果董事会批准该计划，CNB可以指导其储备金的5％（与约70亿欧元）的储备金指导。州长Michl指出：“即使对于比特币市场，我们的资产中有百分之五，即使是比特币市场也是很多钱。”

Most central banks around the world have steered clear of BTC, preferring “safer” instruments such as highly rated government bonds. A few have ventured into equities, but public disclosures of Bitcoin holdings by these institutions (except for El Salvador) remain virtually nonexistent.

全世界大多数中央银行都避开了BTC，更喜欢“更安全的”工具，例如高度评价的政府债券。一些机构（除El Salvador除外）对比特币持有的公开披露实际上是不存在的。

Federal Reserve chair Jay Powell confirmed in December that the US central bank does not hold Bitcoin, while comparing it to gold, describing it as a virtual and digital speculative asset.

美联储主席杰伊·鲍威尔（Jay Powell）在12月证实，美国央行将比特币与黄金进行比较，将其描述为虚拟和数字投机资产。

Other top monetary officials in Europe have been notably critical. The governor of the Bundesbank, Joachim Nagel, likened Bitcoin to “digital tulips,” referencing the 17th-century speculative bubble. European Central Bank (ECB) officials have similarly argued that the “fair value of Bitcoin is still zero.”

欧洲其他顶级货币官员也非常关键。德国银行的州长约阿希姆·纳格尔（Joachim Nagel）将比特币比作“数字郁金香”，指的是17世纪的投机泡沫。欧洲中央银行（ECB）官员同样认为“比特币的公允价值仍然为零”。

However, Governor Michl struck a distinctly different tone. “I used to run an investment fund, so I’m a typical investment banker, I would say, I like profitability,” he told the FT. He also suggested more central banks might follow suit within the next five years, citing how some pension funds and commercial banks have begun holding BTC in their portfolios.

但是，州长米歇尔（Michl）的语气截然不同。他告诉FT：“我曾经经营投资基金，所以我是典型的投资银行家，我会说，我喜欢盈利能力。”他还建议在未来五年内可能会效仿中央银行，理由是一些养老基金和商业银行如何开始将BTC持有其投资组合。

Governor Michl acknowledges the gamble: “It’s possible to have a big range of outcomes, that Bitcoin will have a value of zero or an absolutely fantastic value.” Yet he also drew attention to the historical examples of failed corporate investments, such as Enron and Wirecard, arguing that underperformance is an inherent risk of portfolio management.

州长米歇尔（Michl）承认赌博：“有可能取得很大的结果，比特币的价值为零或绝对奇妙的价值。”然而，他还提请注意诸如安然公司和维卡德等公司投资失败的历史例子，认为表现不佳是投资组合管理的固有风险。

Internal CNB calculations suggest that if the central bank had held 5% of its foreign reserves in BTC over the past decade, its annual returns would have increased by 3.5%—albeit with double the volatility. “But I’m saying that my goal is to diversify the portfolio, so if Bitcoin is good [for that], then let’s have it,” Governor Michl remarked.

内部CNB计算表明，如果中央银行在过去十年中持有其在BTC的外国储备的5％，则其年收益将增长3.5％，尽管波动性是两倍。州长米歇尔说：“但是我是说我的目标是使投资组合多样化，所以如果比特币对此很好，那就让我们拥有它。”

In the interview, Governor Michl also referenced US President Donald Trump’s pro-crypto stance and the growing influence of Bitcoin-focused executives in Washington. Last week, Trump issued an executive order to explore the creation of a national digital asset stockpile, fueling further discussions about crypto at the highest levels of government.

在采访中，州长米歇尔还提到了美国总统唐纳德·特朗普（Donald Trump）的亲克赖特（Crypto）立场，以及以比特币为中心的高管在华盛顿的影响力日益增长的影响。上周，特朗普发布了一项行政命令，以探讨建立国家数字资产库存的创建，从而进一步讨论了最高政府的加密货币。

While the Bitcoin proposal has captured headlines, the CNB already stands out for its relatively adventurous investment policy; 22% of its foreign exchange reserves are in equities—well above the norm for a central bank.

尽管比特币提案占据了头条新闻，但CNB已经为其相对冒险的投资政策而脱颖而出。其外汇储量中有22％是股票，远高于中央银行的规范。

Governor Michl intends to increase US stock holdings to 50% of that equity portfolio within three years, up from the current 30%. “We are buying gradually and in very small steps because the [US stock] prices are the highest in history,” he explained.

州长Michl打算在三年内将美国股票持有量增加到该股权投资组合的50％，高于目前的30％。他解释说：“我们正在逐渐购买，并且以很小的步骤购买，因为[美国的股票价格是历史上最高的。”

Whether the CNB board ultimately endorses Governor Michl’s proposal to venture into BTC remains to be seen. If approved, the Czech National Bank could become the first major Western central bank to publicly hold crypto, setting a precedent that might inspire others—or serve as a cautionary tale.

CNB董事会是否最终认可州长米歇尔（Michl）涉足BTC的提议尚待观察。如果获得批准，捷克国家银行可能会成为首个公开持有加密货币的西部主要中央银行，树立可能启发他人或作为警示性故事的先例。

The CNB’s board meeting is scheduled for Thursday, with a final vote on the governor’s Bitcoin proposal expected shortly thereafter.

CNB的董事会会议定于周四举行，此后不久将对州长的比特币提案进行最后的投票。

At press time, BTC trades at $102,817.

发稿时，BTC的交易价格为102,817美元。