Czech $7B Bitcoin reserve proposal sparks criticism over BTC volatility
The Czech National Bank (CNB) is considering a proposal to create a $7 billion Bitcoin reserve, but the Czech Finance Minister, Zbynek Stanjura, has raised concerns regarding Bitcoin's volatility. He emphasized that central banks should symbolize stability and criticized Bitcoin as an unstable asset. CNB Governor Aleš Michl acknowledged Bitcoin's volatility but noted that investor interest in the cryptocurrency is growing, citing companies like BlackRock as examples. The potential move is also welcomed by local industry firms, with analysts suggesting it reflects a shift towards Bitcoin as a reliable asset within a changing financial landscape. The CNB is set to vote on this proposal, with Michl stating that careful analysis is required before any decisions are made. Meanwhile, discussions regarding strategic Bitcoin reserve initiatives are also ongoing in the United States, with lawmakers encouraging adoption ahead of the Czech Republic's decision.
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