Czech National Bank Governor Aleš Michl used his April 28 speech at the Bitcoin Conference 2026 in Las Vegas to argue that a model portfolio with 1% Bitcoin would lift expected returns while keeping overall risk about the same, saying BTC’s long-term correlation with traditional assets is low.

The CNB’s new paper, based on historical data from 2010 to 2025, says a 1% BTC allocation slightly reduces portfolio volatility in CZK terms, but it also warns the result is in-sample and could change as Bitcoin matures.

This follows Reuters reporting from January that Michl wanted the board to examine bitcoin for reserves, potentially up to 5% of the bank’s €140 billion reserve pile, though he said no decision was imminent; by March, board member Jan Kubicek was still skeptical and said the broader asset-class study could arrive by October.