From Gold to Bitcoin: Czech National Bank Opens Reserve Debate

Global interest in BTC as a strategic asset grows — is this the start of a new monetary era?

In a surprising yet calculated move, the Czech Republic is stepping into the growing global conversation around Bitcoin as a sovereign reserve asset. The governor of the Czech National Bank (ČNB), Aleš Michl, recently floated the idea of adding Bitcoin to the country’s foreign currency reserves — a small step with potentially massive implications.

Speaking in an interview with CNN Prima News, Michl suggested the central bank might consider buying “a few Bitcoin” purely for diversification. While he was quick to downplay the scale — emphasizing it wouldn’t be a significant allocation — the message was clear: Bitcoin is no longer being dismissed at the highest levels of traditional finance.

From Fringe to Foreign Reserves

Bitcoin’s evolution from a niche internet experiment to a serious contender for national treasuries is accelerating. With its capped supply and independence from any single government, BTC is increasingly seen as a hedge against inflation, currency devaluation, and geopolitical uncertainty. What was once a radical idea is now being openly discussed in central banks from Washington to Zurich.

The Czech Republic joins a growing list of nations at least entertaining the idea. Switzerland is currently considering a referendum that could push the Swiss National Bank to hold Bitcoin alongside gold. If passed, it would make Switzerland the first country to officially adopt BTC as part of its reserve strategy — a move that would be historic both symbolically and financially.

The Trump Effect

A key turning point came after Donald Trump’s win in the 2024 U.S. presidential election. The former Bitcoin skeptic has since become an unlikely advocate, proposing a national BTC reserve to strengthen U.S. economic stability. His endorsement has sparked a wave of interest among other governments, validating Bitcoin in a way that few traditional finance voices ever could.

Prominent U.S. lawmakers like Senator Cynthia Lummis have championed the proposal, arguing that Bitcoin’s scarcity makes it an ideal safeguard against inflation and dollar weakness. Even though critics in Congress have pushed back, the idea is gaining serious traction — and international eyes are watching closely.

A Global Trend Taking Shape

Other regions are following suit. In Germany, there are growing calls for the Bundesbank or even the European Central Bank to add Bitcoin to reduce dependence on the U.S. dollar. In Hong Kong, officials have publicly urged the region to align its reserve strategy with the U.S. should it adopt Bitcoin.

Russia, facing Western sanctions and a shifting geopolitical landscape, has already taken tangible steps toward using Bitcoin and other cryptocurrencies in international trade. A formal proposal for a national Bitcoin reserve is already on the table, introduced by State Duma deputy Anton Tkachev.

What’s Next for the Czech Republic?

For now, Governor Michl’s remarks remain hypothetical. Any decision to buy Bitcoin would need approval from the ČNB’s seven-member board. Still, the fact that this conversation is happening at all — out in the open, from a central bank governor — is a clear sign of how far Bitcoin has come.

Whether the Czech National Bank actually makes a move remains to be seen. But the global trend is undeniable: Bitcoin is rapidly shedding its outsider image and becoming part of serious national economic discussions. The question isn’t if more countries will add BTC to their reserves — it’s when.

Would you trust your country to hold Bitcoin as a reserve asset?