Czech National Bank (CNB) Governor Aleš Michl made the case for a small bitcoin allocation in central bank reserves during a speech at the bitcoin 2026 conference yesterday. “With one percent in bitcoin, expected return goes up, and overall risk stays about the same in our Czech currency,” he said, citing the asset’s low long term correlation with traditional holdings based on new research by the cental bank. He framed bitcoin primarily as a portfolio diversifier rather than a technology bet.
Despite addressing a partisan crowd, Michl was candid about the risks. “Its price may be much higher, or it could go to zero,” he said, before noting the same is possible for stocks and bonds.
The measured tone marked a contrast with the controversy that followed his first public comments on the topic. In January 2025 the former investment banker discussed investing some of the CNB’s reserves in bitcoin, and was subsequently interviewed by the Financial Times, which reported he would consider allocating up to 5% of reserves, or €7 billion. That triggered a response from European Central Bank President Christine Lagarde, who said she was “confident that bitcoin will not enter the reserves of any of the central banks of the General Council.” The CNB is a General Council member.
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