Aleš Michl, governor of the Czech National Bank (CNB), renewed discussion on social media platform X last week about his proposal for a bitcoin reserve. He shared an update from the Jan. 30 CNB Bank Board meeting, where he suggested analyzing the feasibility of a BTC test portfolio. The governor detailed:

This step is motivated by a desire to learn about and try out this highly risky alternative asset. I emphasized the need to adapt to changing conditions in the financial markets and to explore new reserve management options.

While no immediate investment in bitcoin is planned, he framed the initiative as a way for the central bank to better understand digital assets and their potential role in financial markets.

In his update, Michl also reiterated his views on cryptocurrency investments, cautioning investors about the risks involved. “If you intend to invest in crypto assets, exercise extreme caution. The market is still in its infancy,” he warned. Reflecting on the Czech Republic’s transition to capitalism in the 1990s, he likened the current crypto market to the early days of investment funds, many of which collapsed while others thrived.

However, he made a clear distinction between bitcoin and other digital assets, arguing that central bankers should pay special attention to it. He explained:

Bitcoin, however, is a different story. It should not be lumped together with other crypto assets. We central bankers should study it and explore the technology it is built on. Studying bitcoin won’t harm us—on the contrary, it will strengthen us.

Following his proposal, the Bank Board approved a broader analysis of new asset classes, including bitcoin, but clarified that no immediate decisions would be made. “The Bank Board approved a proposal to analyze the options for investing in additional asset classes. Based on the results of the analysis, the Bank Board will then decide how to proceed further. No changes will be implemented in this area until then,” Michl detailed, noting that this is only the beginning of the discussion, and future steps will depend on the findings of the study. His comments reflect a cautious but growing interest among central banks in understanding bitcoin’s potential role in reserve management.

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