Czech National Bank has placed Bitcoin reserves at the center of a new policy discussion after Governor Aleš Michl presented a data-based case for including the asset in national portfolios.

Speaking at the Bitcoin 2026 conference in Las Vegas, Michl noted that central banks must reassess their reserve composition as market dynamics shift. Michl linked this move to internal research that examines how Bitcoin interacts with traditional assets.

Michl added that the Czech National Bank holds about $180 billion in reserves, equivalent to about 44% of the national GDP. He argued that diversification requires looking beyond conventional instruments such as bonds and gold. As a result, he introduced findings that test how Bitcoin reserves could influence long-term portfolio outcomes.

Czech National Bank study highlights Bitcoin reserves’ impact

The Czech National Bank study found that a 1% Bitcoin allocation could improve expected returns without materially increasing overall risk. According to Michl, the result stems from Bitcoin’s low correlation with other reserve assets.

At the same time, the results expand on earlier research comparing gold and Bitcoin in foreign exchange reserves. The review also noted that Bitcoin can deliver returns while requiring a smaller capital allocation than equities. However, the bank noted that these conclusions rely on historical data rather than forward projections.

ECB stance challenged as debate shifts

Michl’s statement stands in direct opposition to Christine Lagarde, who argues that reserve assets should be liquid, safe, and secure. Earlier, she ruled out Bitcoin for central banks. Michl’s presentation, in turn, highlighted data challenging these measures, backed by real-world market evidence.

However, Štěpán Uherík said the debate is now about whether central banks can neglect Bitcoin’s portfolio role. He cited ongoing trading and lack of counterparty risk as reasons for central banks to hold Bitcoin. He also linked the Czech National Bank’s stance to the Czech Bitcoin ecosystem.

From the testing phase to the reserve theory

The Czech National Bank has already explored blockchain assets through a separate test portfolio, which included Bitcoin but remained outside official reserves. Michl’s latest remarks move the conversation toward formal reserve theory rather than experimentation. As a result, Bitcoin now enters central banking discussions alongside established assets such as gold and equities.

However, the bank continues to approach allocation cautiously. In a separate reserve review, as highlighted by Cryptopolitan, it confirmed ongoing gold accumulation toward a 100-ton target, with current holdings at 67.2 metric tons. The report stated that increasing gold exposure does not significantly alter the portfolio’s risk-return balance.

At the same time, the Czech National Bank identified a key limitation for Bitcoin reserves. Analysts described its financial properties as temporally unstable, citing high volatility and shifting correlations.

Consequently, the Czech National Bank considers Bitcoin a logical component rather than an active reserve allocation. Despite this, Michl’s presentation positions the asset within a regulated portfolio structure, signaling a shift in how central banks assess diversification strategies.

There’s a middle ground between leaving money in the bank and rolling the dice in crypto. Start with this free video on decentralized finance.