Czech Bank Governor’s $7B Bitcoin Gamble: Genius or Madness?

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Right. So, the Czech National Bank (CNB) has decided to spice up its life by potentially becoming the first European central bank to dabble in Bitcoin. Because, you know, foreign exchange reserves are just *so* last season. 🤑

CNB Governor Aleš Michl, who clearly fancies himself as the Wolf of Wall Street of central banking, is set to pitch his Bitcoin acquisition plan at the bank’s board meeting on Jan. 30. Because nothing says “financial stability” like a $7.3 billion gamble on digital gold, right? 💎

According to André Dragosch, head of research at Bitwise, this would be equivalent to 5.3 months of newly mined Bitcoin supply. Which, let’s be honest, is basically the financial equivalent of buying out the entire stock of avocado toast at your local café. 🥑

“Just to put this into perspective: These BTC purchases alone would be equivalent to around 5.3 months of newly mined Bitcoin supply.”

This news comes just three weeks after Michl casually mentioned he was “looking at Bitcoin” as a potential reserve asset. Because, of course, when you’re managing $146 billion, you’ve got to keep things interesting. 🎲

However, as of Jan. 7, the bank was *not* considering a Bitcoin investment, according to Janis Aliapulios, an adviser to the board. Instead, they’re planning to increase their gold holdings to 5% of total assets by 2028. Because nothing screams “modern financial strategy” like doubling down on shiny rocks. 🪙

This is a developing story, so stay tuned for more updates. Or, you know, just check Twitter. It’s probably already trending. 🚀

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2025-01-29 11:10