The Czech National Bank published a speech by Governor Aleš Michl outlining a separate Bitcoin test portfolio within the bank's foreign exchange reserves. In remarks at The Bitcoin Conference 2026 in Las Vegas, he presented the move as a limited reserve-management diversification exercise rather than a broader policy shift, citing new analysis that a 1 percent Bitcoin allocation could increase expected return while leaving overall portfolio risk about the same. The CNB manages about USD 180 billion of reserves, equivalent to roughly 44 percent of GDP. Over the past four years, its reserve portfolio has shifted toward higher-return assets, with the equity share rising to 26 percent from 15 percent and gold to 6 percent from almost zero. Bitcoin was described as far more volatile than traditional assets and capable of falling to zero, but the analysis argued that its low long-term correlation with other assets can improve diversification and resembles venture capital in return characteristics while remaining more liquid. The test portfolio will run for two years. The CNB will then publish the results and decide what, if any, further steps to take.
Czech National Bank 2026-04-28
Czech National Bank outlines two-year Bitcoin test portfolio for foreign exchange reserves after analysis found a 1 percent allocation could lift returns
The Czech National Bank published a speech by Governor Aleš Michl announcing a separate Bitcoin test portfolio within its foreign exchange reserves as a limited diversification exercise rather than a broader policy shift. Based on internal analysis, a 1 percent Bitcoin allocation is expected to raise returns without materially increasing overall risk due to low long-term correlation with other assets, and the two-year test portfolio will be evaluated before any further decisions are taken.