Aleš Michl, the Governor of the Czech National Bank (CNB), utilized his keynote address at the Bitcoin 2026 conference in Las Vegas to present a groundbreaking case for incorporating bitcoin into sovereign reserves. Leaning on new internal analysis, Michl argued that central banks must evolve beyond traditional assets to build resilient portfolios for the future. His stance further cements the CNB’s reputation as a global test case for sovereign cryptocurrency adoption, marking a significant departure from the conservative norms of central banking, The Block said in a report.
The Governor’s appearance follows a series of calculated steps taken by the CNB over the past year. Since first floating the idea of bitcoin as a diversification tool in early 2025, Michl has secured board approval for deep-dive analysis and oversaw the bank’s initial digital asset purchase in November 2025. Addressing the audience in Las Vegas, Michl directly challenged the traditional separation of state finance and digital assets, stating, “Central bank and Bitcoin — most people do not put these two things together. I do.”
During the session, titled “Diversifying Central Bank Reserves With Bitcoin,” Michl supported his vision with data from the CNB’s $180 billion reserve portfolio. He revealed that internal findings suggest adding a mere 1% allocation of bitcoin would enhance expected returns without significantly altering the overall risk profile, citing the asset’s low correlation with traditional reserve holdings. While acknowledging the inherent volatility of the crypto market, he maintained that “This is the future,” arguing that concentration risk in legacy assets is an equally valid concern for modern governors.
The CNB’s proactive approach has drawn sharp contrasts with other major financial institutions. Speaking from the conference floor, Trezor CFO Štěpán Uherík noted that while the European Central Bank has historically dismissed bitcoin as illiquid or unsafe for reserves, Governor Michl has now presented a formal study suggesting the opposite. Uherík further noted that the CNB’s stance is a natural extension of Prague’s deep-rooted bitcoin culture, which saw the birth of the world’s first mining pool and hardware wallet. By making the portfolio case on a global stage, Michl has shifted the conversation from whether bitcoin is a fringe asset to whether other central banks can afford to ignore its potential as a modern-day digital gold.
