Czech National Bank Approves Bitcoin Study Proposal event

Event · PageRank 0.0015

Also known as: CNB BTC vote, Czech BTC reserve vote

Overview

In January 2025 Czech National Bank Governor Aleš Michl proposed studying an allocation of up to 5% of the CNB's foreign exchange reserves — on the order of $7 billion — into bitcoin, arguing from portfolio diversification grounds that bitcoin's low long-run correlation with traditional reserve assets could raise expected returns. On January 30, 2025 the CNB board approved analysing bitcoin as a potential reserve asset but did not approve the 5% allocation itself. The proposal drew public pushback from ECB President Christine Lagarde. In November 2025 the CNB instead created a roughly $1 million test portfolio inside its CNB Lab containing bitcoin, a US-dollar stablecoin and a tokenised deposit.

Within the DeFi Intel graph, Czech National Bank Approves Bitcoin Study Proposal connects to 2 tracked entities, most strongly to Ales Michl, Cynthia Lummis.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

What did Governor Michl actually propose?

Studying an allocation of up to 5% of the CNB's foreign exchange reserves into bitcoin, worth roughly $7 billion, on diversification grounds given bitcoin's low correlation with traditional reserve assets.

Did the Czech National Bank buy billions of bitcoin?

No. The board approved a study of bitcoin as a possible reserve asset in January 2025 but declined the 5% allocation. In November 2025 it bought a roughly $1 million test portfolio including bitcoin, a dollar stablecoin and a tokenised deposit.

How did the ECB respond?

ECB President Christine Lagarde publicly stated she was confident bitcoin would not enter the reserves of any EU central bank.