ECB advisor Jürgen Schaaf rejects the idea of strategic Bitcoin reserves for European central banks.
In an interview with Cointelegraph, economist Jürgen Schaaf, an advisor to the European Central Bank (ECB), a supporter of the digital euro, and already known for previous papers against Bitcoin, reaffirmed the institution’s negative stance on Bitcoin.
Schaaf stated:
“National reserves in Bitcoin are a risky idea.”
The economist argues that while it makes sense for governments to hold reserves of energy sources like oil and gas, “there is no real economic necessity for Bitcoin” as it “lacks a true economic purpose or significant use.”
Schaaf’s position aligns with recent statements by ECB President Christine Lagarde, who at the end of January expressed confidence that Bitcoin would not be included in the reserves of European central banks.
Bitcoin reserves would fuel speculation
Schaaf dismissed the idea that the ECB should add Bitcoin to its reserves. He explained that there are different types of strategic reserves, such as commodity stockpiles, which can be released during crises to prevent higher import prices.
According to Schaaf, multiple factors make Bitcoin “an unsuitable asset for central banks,” including “extreme volatility, illicit use, and susceptibility to manipulation.” He further clarified:
“Adding Bitcoin to the ECB’s reserves would not stabilize the euro. It would simply fuel speculation and wealth redistribution.”
While Schaaf sees public debt reduction as separate from a potential investment in Bitcoin, some experts believe the asset could help governments better manage their financial burdens. Last December, asset management firm VanEck estimated that the United States could reduce its national debt ($36 trillion) by 35% over the next 24 years if it established a strategic reserve of 1 million BTC.
