TLDR
- Ales Michl said bitcoin can have a place in central bank reserves.
- CNB manages about $180 billion in reserve assets.
- Michl said 1% bitcoin may lift returns without raising overall risk.
- CNB bought digital assets in a test portfolio in November 2025.
- Trezor CFO said Michl challenged ECB concerns on bitcoin reserves.
Czech National Bank Governor Ales Michl used Bitcoin 2026 to support bitcoin in central bank reserves.He told the Las Vegas conference that central banks should look beyond traditional reserve assets. “This is the future,” Michl said during his keynote.
Michl said central banks and bitcoin are rarely linked, but he sees a place for both. “Central bank and Bitcoin — most people do not put these two things together. I do,” he said.
The Czech National Bank manages about $180 billion in reserves. Michl said its internal study looked at bitcoin as a small portfolio addition.
According to Michl, a 1% bitcoin allocation could raise expected returns. He said this could happen while keeping overall risk nearly unchanged.
He linked that view to bitcoin’s low correlation with other reserve assets. However, he also noted bitcoin’s volatility remains a clear factor.
Czech National Bank expands digital asset study
The Czech National Bank has already taken steps beyond public debate. Michl first raised bitcoin as a reserve tool in January 2025.
He later proposed a possible allocation of up to 5% of reserves. The CNB board then approved deeper analysis of digital assets.
In November 2025, the bank bought digital assets through a test portfolio. That portfolio included bitcoin, according to the details provided.
Michl’s Bitcoin 2026 speech moved the debate into a wider public setting. It also placed the CNB at the center of sovereign bitcoin reserve talks.
Trezor CFO responds to ECB concerns
Trezor CFO Stepan Uherik said Michl’s remarks challenged older criticism of bitcoin. He referred to concerns about liquidiaty, safety, and security.
“The ECB has argued that bitcoin is not liquid, not secure, and not safe enough for reserves,” Uherik said. “Governor Michl just presented a study showing the opposite.”
Uherik said the debate may now shift toward central bank readiness. He said other central banks may need to study the Czech findings.
He also pointed to Prague’s bitcoin history. The city was home to the first bitcoin mining pool and the first hardware wallet.
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