Head of Czech central bank wants it to buy billions of euros in bitcoin

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Financial Times 1d ago

Head of Czech central bank wants it to buy billions of euros in bitcoin - Financial Times

Quick Summary:

If the Czech bank had held 5 per cent of its foreign reserves in bitcoin over the past decade, its annual returns would have increased by 3.5 percentage points, but would have also doubled in volatility, according to the CNB.

Among central bankers to have warned about the risks of investing in cryptocurrencies is the governor of the Bundesbank, Joachim Nagel, who this month compared bitcoin to “digital tulips”, a reference to a 17th century speculative bubble and then collapse in the price of the bulbs.

While acknowledging bitcoin’s “extreme volatility” and limited record, Michl highlighted wider investor interest in bitcoin since BlackRock and other firms last year launched bitcoin exchange traded funds.