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The post Czech National Bank Considers €7 Billion Bitcoin Investment, Sparking Debate appeared first on Coinpedia Fintech News After the Czech National Bank (CNB) board approved a proposal to analyze the options for investing a portion of its reserves in Bitcoin (BTC), Governor Aleš Michl has attracted mixed responses. With around €7 billion on the line, which is the 5 percent of the CNB’s international reserves likely to be invested in Bitcoin, different reactions have emerged from various sectors led by fellow central bankers from the European nations. For instance, European Central Bank President Christine Lagarde has dismissed the idea of central banks in the bloc adopting Bitcoin as a strategic reserve asset. Lagarde recently noted that Bitcoin does not meet all the set criteria for an asset to be included in a bank’s reserve. Moreover, Michl has admitted that Bitcoin is extremely volatile and its value could one day be zero or a very huge number. “Of course, if you compare my position with other bankers, then I’m the one entering the jungle, or the pioneer. I used to run an investment fund, so I’m a typical investment banker, I would say, I like profitability,” Michl noted. However, the crypto community has been championing the Czech National Bank to adopt Bitcoin as a strategic reserve asset. The Rhythm Change The Donald Trump administration has triggered a potential revolution for the United States through the use of emerging technology led by blockchain and artificial intelligence. Already, 22 states in the United States have introduced a bill to diversify their reserves in Bitcoin, thus front-running the federal government. The mainstream adoption of Bitcoin by institutional investors has convinced more global central banks to consider digital assets in the near future. Moreover, El Salvador has made significant strides with its Bitcoin strategy despite the headwinds caused by the IMF. #BTC

Analyst: If the Czech Central Bank is approved to use foreign exchange reserves to exchange for Bitcoin, it may be able to purchase about 69,000 BTC Earlier, the Financial Times revealed that if the plan proposed by Czech Central Bank Governor Aleš Michl is approved, the Czech…

According to FT, Czech Central Bank Governor Aleš Michl plans to propose investing 5% of its 140 billion euro reserves in Bitcoin to diversify its assets. If the proposal is approved, the Czech Central Bank will become the first Western central bank known to hold crypto assets.

Aleš Michl, the governor of the Czech National Bank, said that they are considering buying a small amount of Bitcoin as a diversification strategy for foreign exchange reserves. The decision needs to be approved by the seven members of the CNB Board of Directors. In addition, it…