Czech Central Bank Governor: Allocating 1% to Bitcoin can boost the return of a $180 billion reserve portfolio

Author: Naga Avan-Nomayo

Translation: Deep Tide TechFlow

Deep Tide Guide: Czech National Bank Governor Aleš Michl delivered a keynote speech at Bitcoin 2026, using internal research data to directly argue for Bitcoin’s role in sovereign reserve portfolios. Michl, who previously worked as an investment banker, first proposed the idea of Bitcoin reserves in January 2025, then pushed for board approval for in-depth research, and completed the first digital asset test purchase in November of the same year. This speech is currently the most formal and direct endorsement of Bitcoin reserves among sitting central bank governors, also making the Czech National Bank a global case study for sovereign crypto allocations.

Czech National Bank Governor Aleš Michl delivered a keynote speech at Bitcoin 2026 in Las Vegas, based on the latest internal analysis data, directly defending Bitcoin’s inclusion in central bank reserve portfolios.

The speech is titled “Diversifying Central Bank Reserves with Bitcoin.” Michl said on stage: “Most people wouldn’t associate central banks and Bitcoin. I do.”

CNB’s Bitcoin Path

The Czech National Bank has already taken the furthest among similar institutions, and Michl is expanding this stance with data.

He explained that the Czech National Bank currently manages about $180 billion in foreign exchange reserves. Internal research found that allocating just 1% to Bitcoin would increase the expected return of the portfolio, while overall risk remains roughly the same—because Bitcoin has very low long-term correlation with traditional reserve assets.

“That’s the future,” he asserted on stage. He also did not shy away from volatility issues but pointed out that traditional assets also face concentration risks.

The Block previously reported that Michl first proposed using Bitcoin as a diversification tool for reserves in January 2025. He then suggested allocating up to 5% of reserves to the asset, received board approval for in-depth research, and completed the Czech National Bank’s first digital asset purchase in November 2025 through a test portfolio, with Bitcoin included.

Trezor CFO: The Issue Has Changed

The outline of the Czech case became clearer through this speech.

Standard Chartered Bank earlier this year expressed the view that more sovereign wealth funds and even central banks might ultimately treat Bitcoin as a tool for diversification, similar to gold—rather than a fringe asset. Michl is providing a central bank governor’s perspective to support this judgment.

Trezor CFO Štěpán Uherík directly addressed this topic at the conference. “The European Central Bank has long said that Bitcoin lacks liquidity, isn’t safe enough, and isn’t suitable as a reserve. Governor Michl just presented research that concludes the opposite,” he said. The focus of the issue is shifting: it’s no longer whether Bitcoin is ready, but whether other central banks can afford to ignore the conclusions of the Czech National Bank’s research.

Uherík also mentioned the historical context of Prague. The world’s first Bitcoin mining pool and the first hardware wallet both originated in this city, created by the same group of founders. He believes that the stance of the Czech National Bank reflects Prague’s long-standing Bitcoin culture, rather than a momentary policy impulse.

Michl is still talking about diversification; it hasn’t reached the level of disruptive restructuring of the reserve framework. But a central bank that has already purchased Bitcoin is publicly arguing for holding more on the world’s biggest Bitcoin stage—this signal alone is already hard to ignore.