Czech central bank official skeptical on Bitcoin reserves amid legal, volatility concerns
Bitcoin in the Czech central bank’s reserves is uncertain after a senior official flags legal and volatility concerns.
A debate over Bitcoin’s (BTC) place in Czech central bank reserves still lingers with board member Jan Kubicek voicing skepticism citing legal uncertainties and price swings.
Jan Kubicek, a board member of the Czech National Bank, said in an interview with Reuters on March 18 that while the bank is analyzing new asset classes, he remains “sceptical” about the original cryptocurrency.
The central banker referenced Bitcoin’s extreme volatility that he says undermines it as an attractive central bank asset.
“We will assess different classes of assets. Bitcoin is just one” among many other asset classes the bank is looking at, the banker said.
Commenting on cryptocurrency’s current legal status in the Czech Republic, he said owning Bitcoin would require new processes in accounting and auditing.
“We cannot be certain that Bitcoin’s volatility in the coming years will mirror the patterns observed over the past decade because I suspect that, if more institutional investors accept Bitcoin as an investment asset, it will start to behave differently from what we have seen so far.”
Jan Kubicek
According to Kubicek, the CNB’s study on expanding asset classes could be completed by October.
He also mentioned the possibility of investing in international corporate bonds, equity indices such as technology stocks and property investment funds, as other potential options for the institution.
CNB Governor Ales Michl first raised the idea of adding Bitcoin to the bank’s reserves in late January 2025, drawing interest from the crypto community but skepticism from policymakers.
European Central Bank President Christine Lagarde, for instance, pushed back, stating to the imposed plan that “reserves have to be liquid, that reserves have to be secure, that they have to be safe.”
Yet, numerous states have recently added Bitcoin to their national strategic reserves, including the US, who under the new Trump administration has taken a more proactive stance towards cryptocurrency.
