Aleš Michl, governor of the Czech National Bank (CNB), has called on financial institutions to study Bitcoin’s underlying technology rather than fear it.
In a February 19 post on X, Michl emphasized that Bitcoin should not be grouped with other crypto assets, highlighting its unique technological foundation. He argued that central bankers should explore its potential, stating that studying Bitcoin would strengthen rather than harm the financial sector.
Michl first publicly talked about Bitcoin as a potential reserve asset on January 7, 2025, expressing interest in acquiring “a few Bitcoin” as part of a diversification strategy. However, the proposal quickly met resistance from the European Central Bank (ECB). ECB President Christine Lagarde dismissed the idea, asserting that Bitcoin fails to meet the necessary criteria for inclusion in official reserves within the European Union (EU).
Despite pushback, Michl noted in his latest X post that he presented a proposal to the CNB board on January 30 to create a “Bitcoin test portfolio.” He described the initiative as a way to explore a “highly risky alternative asset” while clarifying that it remains in the early stages of discussion.
While acknowledging Bitcoin’s increasing appeal, Michl stressed that any decision must be based on careful and thoughtful analysis.
He stated that the CNB board will ultimately decide whether Bitcoin becomes part of its official reserve strategy.
If the CNB proceeds, it could become the first European central bank to hold Bitcoin in its reserves. The potential purchase could amount to approximately $7.3 billion, representing a fraction of the CNB’s $146 billion total reserves. According to André Dragosch, head of research at Bitwise, such an acquisition would account for roughly 5.3 months of newly mined Bitcoin supply.
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