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

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

Czech National Bank Governor Ales Michal has floated bitcoin as a potential diversification strategy for the country's foreign exchange reserves. Recent comments indicate growing government interest in cryptocurrency as a savings tool.

The Czech Republic has joined the Bitcoin conversation.

In an interview with CNN Prima News, Mitchell mentioned the possibility of having “a few bitcoins” for various purposes. However, he made it clear that such a purchase would not be a big investment for the bank.

Any decision to buy BTC requires approval from the ČNB's seven-member board.

After Donald Trump won the November 2024 election, the narrative surrounding Bitcoin changed dramatically. Once a skeptic, Trump has backed Bitcoin as a strategic asset and proposed establishing a US BTC reserve to boost economic stability.

Advocates of this plan suggest that Bitcoin's limited supply could act as a hedge against inflation and a weakening dollar, while prominent supporters such as Senator Cynthia Lammis argue that its potential is useful for national reserves. While critics in Congress have raised concerns, the proposal continues to gain traction.

International transfer to Bitcoin

Internationally, Switzerland is considering a similar move, with the Swiss National Bank investigating whether to include Bitcoin in its reserves alongside gold. The referendum could make Switzerland the first country to adopt bitcoin as a legal reserve asset, in keeping with its tradition of being a center of financial innovation.

In Germany, figures such as former finance minister Christian Lindner have suggested that if Bitcoin is accepted by the European Central Bank or the Bundesbank, it will help reduce dependence on the US dollar.

At the same time, Hong Kong is participating in this global trend, because the lawmaker Wu Jiezhuang advocated for the integration of Bitcoin in financial reserves in December to increase economic strength. This comes after Legislative Council member Johnny Ng decided that Hong Kong should follow the lead of the United States in implementing the latter's strategic reserve of Bitcoin.

Russia has also taken concrete steps to use bitcoin and other cryptocurrencies for international transactions to bypass Western sanctions and reduce its dependence on the dollar. Meanwhile, Anton Tkachev, a State Duma deputy from the New People's Party, officially proposed to establish a strategic Bitcoin reserve in the country.