Bitcoin as a reserve asset? The Governor of the Czech Central Bank opens the discussion

Governments and central banks from the United States to Switzerland are seriously considering Bitcoin as an alternative to traditional reserve assets, with the Czech Republic one of the latest to show interest.

The governor of the Czech National Bank (ČNB), Aleš Michl, has presented Bitcoin as a possible strategy for diversifying the country’s foreign exchange reserves. Recent comments indicate growing government interest in cryptocurrency as a savings tool.

The Czech Republic joins the Bitcoin conversation

In an interview with CNN Prima News, Michl mentioned the possibility of acquiring “a few Bitcoins” for diversification purposes. However, he clarified that this acquisition would not constitute a significant investment for the bank.

Any decision to buy BTC would require the approval of ČNB’s seven-member board.

The narrative surrounding Bitcoin has changed significantly after Donald Trump won the election in November 2024. Once a skeptic, Trump has voiced his support for Bitcoin as a strategic asset and proposed establishing a US BTC reserve to boost stability economic

Proponents of this plan suggest that the finite supply of Bitcoin could act as a hedge against inflation and a weakening dollar, with prominent supporters such as Senator Cynthia Lummis arguing for its potential as a valuable addition to national reserves. Although critics in Congress have raised concerns, the idea continues to gain traction.

Global shift to Bitcoin

Internationally, Switzerland is considering a similar move, with the Swiss National Bank exploring the inclusion of Bitcoin alongside gold in its reserves. A referendum could make Switzerland the first nation to adopt Bitcoin as an official reserve asset, aligning with its tradition of being a center for financial innovation.

In Germany, figures such as former finance minister Christian Lindner have proposed that Bitcoin could help reduce dependence on the US dollar if adopted by the European Central Bank or the Bundesbank.

Likewise, Hong Kong is also participating in this global trend, as lawmaker Wu Jiezhuang advocated the integration of Bitcoin into financial reserves to increase economic resilience in December. This comes months after Legislative Council member Johnny Ng said Hong Kong should follow the United States’ lead if it decides to implement a strategic Bitcoin reserve.

Russia has also taken concrete steps to leverage Bitcoin and other cryptocurrencies for international transactions with the aim of avoiding Western sanctions and reducing dependence on the dollar. Meanwhile, Anton Tkachev, a State Duma deputy from the New People’s Party, officially proposed the creation of a strategic Bitcoin reserve in the country.

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