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Czech Central Bank Governor to Propose Adding Bitcoin to Reserves: FT
The governor will present a BTC investment plan to the board Thursday, according to an interview published by the Financial Times.
What to know:
- Czech Central Bank Governor to present a BTC investment plan this Thursday.
- Potential approval could see the bank invest 5% of its reserves in BTC.
Czech National Bank Governor Ales Michl said in an interview with Financial Times (FT) that he will present a bitcoin investment plan to the board on Thursday, which, if approved, could see the apex bank diversify 5% of its $146.13 billion reserves into the leading cryptocurrency by market value.
"For the diversification of our assets, bitcoin seems good," Michl said, according to an interview published by the FT and quoted by Reuters.
STORY CONTINUES BELOW
Michl pointed to broader investor interest in the cryptocurrency since BlackRock and others debuted spot ETFs a year ago.
"An asset under consideration is Bitcoin. It currently has zero correlation to bonds and is an interesting asset for a large portfolio. Worth considering. Right now, it’s only at the stage of analysis and discussion. The Bank Board decides, and no decision is imminent. Thoughtful analysis is needed," Michl said in a statement on X.
"Bitcoin has significant volatility, which makes it harder to take advantage of its current low correlation with other assets. That’s why I will ask our team on Thursday to further assess Bitcoin’s potential role in our reserves. Nothing more, nothing less," he added.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
