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Home Explore Bitcoin

Czech Central Bank Head Proposes Bitcoin Purchase Worth Billions of Euros

29 January 2025
in Bitcoin, News
Reading Time: 3 mins read
107 4
source: bitcoinist.com

source: bitcoinist.com

The Czech National Bank (CNB) may become the first central bank in Europe to invest in Bitcoin to diversify the country’s foreign exchange reserves.

CNB Governor Aleš Michl is set to present the proposal for acquiring Bitcoin during the bank’s board meeting on January 30, according to the Financial Times.If approved, the investment could surpass $7.3 billion in Bitcoin purchases, based on the CNB’s total reserves of over $146 billion, according to André Dragosch, head of research at Bitwise.

🚨BLOOMBERG: Head of Czech central bank wants it to buy billions of euros in Bitcoin.

Major central banks are officially planning to buy Bitcoin.

You’re not even remotely bullish enough. pic.twitter.com/twXHVLcGaQ

— André Dragosch, PhD | Bitcoin & Macro ⚡ (@Andre_Dragosch) January 29, 2025

In a January 29 post on X, Dragosch highlighted the proposal’s significance: 

“Just to put this into perspective: These BTC purchases alone would be equivalent to around 5.3 months of newly mined Bitcoin supply.”

In the same interview with the Financial Times, Michl stated that the administration of US President Donald Trump has sparked optimism among cryptocurrency investors. There are expectations for increased regulatory clarity in the crypto sector, which could enhance Bitcoin’s momentum. He suggested that while Trump’s influence might create a bubble for Bitcoin, the overall trend would continue to rise as more individuals see it as a viable alternative investment.

This news follows discussions by Michl regarding Bitcoin as a potential diversification strategy for the Czech National Bank’s foreign exchange reserves. In an interview with CNN Prima News, he mentioned the possibility of acquiring a small amount of Bitcoin, although he stressed that it would not be a significant investment. Such a decision would require approval from the CNB board, which consists of seven members. Adviser Janis Aliapulios confirmed that there are no immediate plans to invest in Bitcoin, but he noted that Michl remains open to future discussions on the topic. However, he predicts inflation will drop to around 2.5% by year-end, heading towards a long-term target of 1.9% to 2%, down from 17.5% when he took office in July 2022.  

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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