Czech National Bank Governor: Allocating 1% to Bitcoin Could Enhance Returns on the $180 Billion Reserve Portfolio

Author: Naga Avan-Nomayo

Compiled by: TechFlow

TechFlow Intro: Aleš Michl, Governor of the Czech National Bank (CNB), delivered a keynote speech at the Bitcoin 2026 conference, directly advocating—based on internal central bank research—for Bitcoin’s inclusion in sovereign reserve portfolios. A former investment banker, Michl first proposed the idea of Bitcoin as a reserve asset in January 2025, subsequently secured board authorization for an in-depth study, and completed the CNB’s inaugural digital asset test purchase—including Bitcoin—in November 2025. This speech represents the most formal and direct endorsement of Bitcoin reserves to date by a sitting central bank governor, positioning the Czech National Bank as a global benchmark for sovereign crypto allocation.

Aleš Michl, Governor of the Czech National Bank, delivered a keynote address at Bitcoin 2026 in Las Vegas, defending Bitcoin’s inclusion in central bank reserve portfolios using the latest internal analytical data.

The speech was titled “Diversifying Central Bank Reserves with Bitcoin.” On stage, Michl stated: “Central banks and Bitcoin—most people wouldn’t put those two together. I would.”

CNB’s Bitcoin Path

The Czech National Bank has advanced further than any peer institution, and Michl came to this event armed with data to reinforce that position.

He noted that the CNB currently manages approximately $180 billion in foreign exchange reserves. Internal research found that allocating just 1% to Bitcoin would increase the portfolio’s expected return while keeping overall risk roughly unchanged—due to Bitcoin’s historically low long-term correlation with traditional reserve assets.

“This is the future,” he declared from the stage. While he did not shy away from volatility concerns, he pointed out that traditional assets carry their own concentration risks.

As previously reported by The Block, Michl first proposed Bitcoin as a diversification tool for reserves in January 2025. He later proposed allocating up to 5% of reserves to this asset, obtained board authorization to conduct an in-depth study, and executed the CNB’s first digital asset test purchase—including Bitcoin—via a pilot portfolio in November 2025.

Trezor CFO: The Question Has Changed

The speech sharpened the contours of the Czech case.

Earlier this year, Standard Chartered argued that more sovereign wealth funds—and even central banks—may eventually treat Bitcoin like gold: as a portfolio diversification tool rather than a marginal asset. Michl is now lending the face of a central bank governor to that view.

Štěpán Uherík, CFO of Trezor, took up this theme directly on-site: “The European Central Bank has long claimed Bitcoin lacks sufficient liquidity, isn’t secure enough, and is unsuitable as a reserve asset. Governor Michl has just presented research whose conclusions are precisely the opposite.” He added that the focus of the debate has already shifted: it is no longer whether Bitcoin is ready—but whether other central banks can afford to ignore the CNB’s research findings.

Uherík also referenced Prague’s historical lineage: the world’s first Bitcoin mining pool and the first hardware wallet were both born in this city—and developed by the same group of founders. He believes the CNB’s stance reflects Prague’s longstanding Bitcoin culture, not a fleeting policy impulse.

Michl is still speaking only about diversification—not yet about disruptive restructuring of the reserve framework. Yet a central bank that has already purchased Bitcoin is now publicly arguing, on the world’s largest Bitcoin stage, for holding more. That signal alone is impossible to ignore.