Ales Michl, the governor of the Czech National Bank, has proposed adding bitcoin to the country’s official reserves, marking a shift in the institution’s approach.

Michl indicated that the bank’s board will discuss allocating up to 5% of foreign reserves to bitcoin as part of a broader strategy to diversify holdings, potentially increasing investments in gold and stocks.

As of December 2024, the country’s reserves were about U$146 billion, one of the highest globally relative to its economic size.

While recognizing bitcoin’s significant price volatility, Michl highlighted growing institutional interest in cryptocurrencies, including products like exchange-traded funds from firms such as BlackRock.

This proposal still requires approval from the bank’s seven-member board.