Czech Central Bank Explores Bitcoin as Reserve Asset

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The Czech National Bank is testing Bitcoin (BTC) as part of a reserve portfolio experiment, with results to be published over time. Governor Aleš Michl said the initiative is a controlled test rather than a policy shift, but added that “this is the future.” The move places Bitcoin directly into central bank reserve discussions, a space traditionally dominated by bonds and gold.

CNB launches Bitcoin test portfolio

As it happens, Aleš Michl confirmed that the central bank has created a dedicated test portfolio including Bitcoin, which will run for roughly two years before results are disclosed, per his speech at the Bitcoin 2026 event on April 29. As he explained:

“In the Czech National Bank we started a separate test portfolio with Bitcoin. A test portfolio. Not a revolution. Not a political statement. A test.”

The portfolio is separate from official reserves and evaluates how Bitcoin behaves within a broader asset mix. The bank manages roughly $180 billion in reserves, making even small allocation experiments significant in global context.

Michl framed the move as part of a broader strategy to modernize reserve management while maintaining conservative monetary policy.

Diversification case gains traction

According to research presented by the CNB, adding a small Bitcoin allocation, around 1%, could improve expected returns without materially increasing overall portfolio risk. In Michl’s words:

“With 1% in Bitcoin, expected return goes up and overall risk stays about the same.”

The reasoning centers on Bitcoin’s low correlation with traditional assets, which can enhance diversification. As the governor added:

“Central bank and Bitcoin: most people do not put these two things together. I do.”

The remarks stand in contrast to more cautious positions from other European policymakers, who have questioned Bitcoin’s suitability for reserves.

Though the CNB has not committed to holding Bitcoin in its official reserves, the experiment marks a shift from theory to real-world testing. Indeed, Michl said:

“We will run it for two years. Then we will publish the results. Then we will decide what comes next.”

The outcome could influence how other central banks approach digital assets in the coming years.