Emre Yumlu 
Czech National Bank (CNB) Governor Aleš Michl emphasized that Bitcoin is an ideal asset for portfolio diversification, saying: “Bitcoin’s biggest advantage is its low correlation with other asset classes. This feature makes it suitable for large portfolios – similar to gold.”
Michl’s remarks are a new reflection of the bank’s growing interest in cryptocurrencies.
Gaining Experience Through Bitcoin Practice: What Happened Before?
The Czech National Bank officially announced last year that it had purchased 1 million dollars’ worth of Bitcoin and other blockchain-based digital assets. While most of the portfolio consisted of Bitcoin, it also included dollar-based stablecoins and tokenized deposits. All purchases were made through a regulated exchange.
The bank stated that this step was taken to “gain practical experience” and “test digital asset processes.” The purchased assets were kept entirely separate from international reserves and were not actively expanded. The goal was to test key management, multi-level approval mechanisms, crisis scenarios, security protocols, and anti-money-laundering procedures in a real environment.
At the time, Governor Michl mentioned that in the future “it may be possible to buy an espresso with one tap and, with another, purchase Czech bonds or other investment instruments,” adding that the central bank wanted to be prepared for this direction.
What Has Changed Today?
The latest statement is a continuation of that test portfolio. Michl’s comparison to gold and emphasis on low correlation show that the bank now sees Bitcoin not only as a technical experiment but also as a potential portfolio diversifier.
The European Central Bank still takes a cold stance toward Bitcoin becoming a reserve asset, but the Czech National Bank continues to operate within its own legal framework. The test portfolio’s value fluctuates over time, and the bank can add new types of assets when needed.
In short, the Czech National Bank is quietly but steadily accumulating experience in the crypto world. The 1-million-dollar initial step is still active today, and with the Governor’s latest remarks, it is clear that the outlook on Bitcoin has evolved in a more positive direction.
Among European central banks, very few institutions have taken such clear and concrete steps. The Czech Republic continues to be one of the pioneers in this regard.
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