"In January 2025, Michl proposed allocating up to 5% of the CNB's €140 billion reserves into Bitcoin, citing its low correlation with traditional assets like bonds as a key factor making it an attractive diversification option."
"The CNB made its first-ever digital asset purchase - a $1 million test portfolio that included Bitcoin, a U.S. dollar-based stablecoin, and a tokenized deposit, built inside the CNB Lab to test the operational realities of holding blockchain-based instruments."
"Michl framed it as an exercise in preparedness rather than speculation. 'The aim was to test decentralised bitcoin from the central bank's perspective and to evaluate its potential role in diversifying our reserves.'"
"His Bitcoin 2026 keynote will offer a rare perspective from inside a sitting central bank - one that has moved from discussion to actual Bitcoin purchase, and is watching how the broader global monetary system evolves."
Aleš Michl, Governor of the Czech National Bank, will deliver a keynote at Bitcoin 2026 on diversifying central bank reserves with Bitcoin. He proposed allocating 5% of the CNB's reserves into Bitcoin, citing its low correlation with traditional assets. Despite pushback from central bank elites, including Christine Lagarde, Michl remains committed to the idea. The CNB made its first digital asset purchase in November 2025, framing it as a preparedness exercise. Michl's keynote will provide insights from a central bank actively engaging with Bitcoin and its implications for the global monetary system.
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