The Czech National Bank will consider holding billions of dollars' worth of bitcoins in its reserves, Governor Ales Michl said on Wednesday, potentially the first switch to the cryptocurrency by a Western central bank if it comes to fruition.
He plans to present the inclusion of bitcoin to the bank's seven-member board on Thursday, he told the Financial Times in an interview published on Wednesday.
If approved, the bank could eventually hold up to 5% of its €140bn ($146bn) in bitcoin reserves.
"No solution is inevitable," he said. "Bitcoin has significant volatility, making it difficult to exploit the current low correlation with other assets.
"That's why I will ask our team on Thursday to further assess the potential role of bitcoin in our reserves. Nothing more, nothing less."
He said bitcoin will rise even without the support of US President Donald Trump as it is an alternative investment for many people.
Last week, Trump ordered the creation of a cryptocurrency task force to draft new regulations and explore the possibility of creating a national crypto stockpile.
Bitcoin has doubled its value in 2024.
Mitchell also highlighted broader investor interest in bitcoin since BlackRock and other firms launched bitcoin exchange-traded funds last year, according to the FT.