A member of the Czech National Bank’s board raises doubts about including Bitcoin in national reserves.
According to Reuters, the possibility of adding Bitcoin to the Czech National Bank‘s (CNB) reserves is sparking debate among the institution’s leadership. Jan Kubicek, a CNB board member, recently expressed skepticism about the proposal, citing concerns over volatility, direct ownership, and Bitcoin’s uncertain legal status.
At the beginning of 2025, CNB Governor Aleš Michl proposed exploring Bitcoin as part of a broader analysis of central bank reserve asset diversification. However, according to Kubicek, the focus should instead be on international corporate bonds and more targeted stock indices, such as technology sectors and real estate investment funds.
In a March 18 interview, Kubicek stated:
“We will evaluate various asset classes. Bitcoin is just one of them, but my position is rather skeptical.”
Concerns
Kubicek emphasized that adopting Bitcoin would require implementing numerous new procedures in areas such as accounting and auditing. He also expressed doubts about the predictability of Bitcoin’s future volatility, arguing that there is no certainty it will follow the same patterns observed over the past decade.
The banker further speculated that if more institutional investors embraced Bitcoin as an asset, its behavior could change significantly compared to past trends.
CNB Vice Governor Eva Zamrazilova also stated that Bitcoin is not a suitable asset for the bank’s reserves.
Currently, the Czech central bank’s reserves amount to approximately €142 billion (around $155 billion), equivalent to about 45% of the country’s GDP. Recently, the bank has diversified its holdings, gradually increasing its gold reserves and shifting a larger portion of its portfolio into equities.
If approved, Bitcoin’s inclusion would make the CNB the first publicly known central bank to hold bitcoin.
