Ales Michl, the head of the Central Bank of the Czech Republic, revealed in an exclusive interview with the Financial Times that a proposal to invest in Bitcoin will be presented to the bank’s board on Friday. If approved, the Central Bank of the Czech Republic will allocate 5% of its $146.13 billion reserves, equivalent to $7.3 billion, to Bitcoin investment. Michl referred to this decision as part of diversifying the central bank’s assets, believing Bitcoin could be a suitable option for this purpose. He pointed out the increased institutional investor interest in Bitcoin following the launch of Bitcoin ETFs by major financial companies. If the proposal is approved, the Czech Republic will become the first European Union country to officially allocate part of its central bank reserves to Bitcoin.
