The governor of the Czech National Bank, Aleš Michl, hinted at Bitcoin becoming a potential option to diversify the country’s growing foreign exchange reserves. He explained that the Czech government is increasingly seeing Bitcoin as a viable savings technology.
Speaking in an Interview with CNN Prima Michi revealed that he was considering acquiring some Bitcoin as a diversification effort for the bank.
The Czech National Bank board (CNB) formerly consists of seven members whose approval is key to the bank making any foray into Bitcoin Acquisition.
Janis Aliapulios, an adviser to the board, confirmed to Cointelegraph that the bank’s board is not looking to buy Bitcoin at the moment. He stated that the bank is focused on Gold as its diversification strategy.
“ To sum up, CNB is now not considering buying crypto assets for its reserves. However, Governor Michl did not rule out further future debate on this topic, Janis stated.
Janis added that CNB is looking to increase its gold holdings to about 5% of total assets by 2028.
Strategic Bitcoin Reserve in the US as a Global Catalyst
The United States under Donald Trump has proposed a strategic Bitcoin reserve for the United States. The Bitcoin Act championed by Wyoming Senator Cynthia Lummis proposes the creation of a strategic Bitcoin reserve for the country.
The crypto community is highly optimistic that the bill might pass under President Trump acting as a catalyst for other countries to follow suit.
A strategic Bitcoin reserve in the US will lead to other countries setting up their reserves driving up the demand for Bitcoin.
The rising demand for the asset would drive its price to astronomical heights.
Czech Republic is not the only country that has hinted at setting up a bitcoin reserve in the future.
Germany, Switzerland, Russia, Hongkong, and the United States have hinted at plans to set up a Bitcoin reserve as an investment alternative.
