Czech National bank bought Bitcoin for the first time

[Hypnotizer]

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Saw this news just now and I felt like sharing it here..Czech National bank have bought $1million worth of bitcoin and crypto seems like European countries have started to fully embrace  bitcoin and I think this is a call for more adoption maybe..

Prague the country’s capital is the home to the highest number of bitcoin accepting businesses in Europe  and I think this move by the country’s National bank will add up more adoption across the country.

[BlackHatCoiner]

Nowadays a random entity buys 10 BTC, and all of a sudden, they're "all in for it."

Just because a bank bought some bitcoin, you think that means the European countries started to "fully embracing it"? To me it seems like countries of the European Union are the last to fully adopt it to their treasuries, judging by the regulations they urge to pass. Most people in authority positions are either completely ignorant of what's coming, or they're paid actors who continue spreading FUD about bitcoin and supporting nonsensical Keynesian / socialist policies.

[Hypnotizer]

Just because a bank bought some bitcoin, you think that means the European countries started to "fully embracing it"?

I don’t think they've “fully embraced it” but I think this is a kinda starting point for European countries to start the process of embracing it..we might as well hear some more news about them embracing it in the future, the only barrier currently is time but I’m pretty certain that the time will come.

To me it seems like countries of the European Union are the last to fully adopt it to their treasuries, judging by the regulations they urge to pass.

Yes they’re, their so called “cautious approach” to cryptocurrencies is what makes them still not in the race to fully adopt it in their reserves and treasuries and this can probably lead them to losing a lot of opportunities in this space.

[Don Pedro Dinero]

I share BlackHatCoiner's scepticism, but at the same time I see it as good news. A million is peanuts for a national bank, but it fits in with an open-minded approach to the crypto space. I would love to see the Bank of Spain do the same.

Czech Central Bank Becomes First Central Bank to Buy Bitcoin

The good.

Approved by the bank board on Oct. 30, the pilot is designed to give the central bank hands-on experience with blockchain-based assets, which it says could reshape how payments and financial systems operate in the future.

The bad (for some).

The total amount invested will not be actively increased, said the bank, and the acquisition was made outside of the bank's existing international reserves.

So, they are not going to build a reserve, actively buying, DCAing, but they show an open mind to the space that I don't see in much of the rest of the EU.

[romero121]

A country with a population around 11 million buying bitcoin worth around one million isn't a big move. However, the participation of the national bank has made it big news. Maybe the involvement of bank will make the people of the nation believe in bitcoin. The same can enhance the level of adoption in the country. In a previous post it is stated that Prague has got the highest number of shops accepting bitcoin, and once again the circulation of bitcoin might increase a little with the small purchase of around 10 bitcoin by the national bank.

[Lucius]

For those who don't know, there is the European Union and something called the eurozone. The Czech Republic is a member of the EU, but it is not a member of the eurozone, which means that it does not use the euro, nor is it under the authority of the European Central Bank.

I share BlackHatCoiner's scepticism, but at the same time I see it as good news. A million is peanuts for a national bank, but it fits in with an open-minded approach to the crypto space. I would love to see the Bank of Spain do the same.
~snip~

The Spanish central bank would first need to seek permission from the ECB for this, and I'm sure you know what Christine Lagarde thinks about cryptocurrencies in general. So you can dream about it if you think it's something positive, but I think that central banks should not have anything to do with Bitcoin because their modus operandi is 100% centralist and if they ever exposed themselves by buying the same, I'm sure they would look for a way to influence BTC developers and demand certain adjustments.

[khiholangkang]

Nowadays a random entity buys 10 BTC, and all of a sudden, they're "all in for it."

Just because a bank bought some bitcoin, you think that means the European countries started to "fully embracing it"? To me it seems like countries of the European Union are the last to fully adopt it to their treasuries, judging by the regulations they urge to pass. Most people in authority positions are either completely ignorant of what's coming, or they're paid actors who continue spreading FUD about bitcoin and supporting nonsensical Keynesian / socialist policies.

But it is much better than the US, the US only relies on its confiscated Bitcoin which is put into their strategic reserve while there is no purchase, and this Czech country is different, guessing to make a purchase for the first lagkah, although we know that we will not know how the future will be, but certainly a country makes a purchase to start its journey? don't you have positive thoughts first.

And to be honest we don't know what the background of this country is buying bitcoin, how for its investment planning and so on, so don't be too quick to give a negative response.

[Patikno]

Last January, the Czech Republic was still considering allocating to Bitcoin.

Reference : cryptoslate.com- Czech National Bank considers Bitcoin for reserve diversification - Januari 2025

But now they have actually done it, and the Czech central bank stated that they still aim to evaluate the project in two to three years. However, I am confident they will have a rewarding experience from investing in Bitcoin. So, I hope they have plans to increase their Bitcoin reserves in the future. This news shows how bright the future of Bitcoin is. We have been anticipating that Bitcoin adoption will continue to spread globally, and the signs of its arrival are becoming clearer. I hope news like this continues to emerge in other countries.

Additional Reference : www.reuters.com - Czech central bank buys $1 million in bitcoin, other crypto assets for testing

[Stalker22]

Don Pedro Dinero mentioned that this pilot program is meant to get the central bank familiar with blockchain assets.  Lets just hope they know what they are doing and dont get scammed or something.   

Its great news, yes.   Its good they are learning.  I just hope the intern in charge of the private keys doesnt write them down on a sticky note and leave it under their desk, haha!

[Luzin]

Hopefully, adoption is not just about buying and holding. But they also participate in development through other schemes that add utility value to Bitcoin. For example, having programs that support the potential increase in user trust and attract new users. So they are not only looking for profit from the volatile value. That would be even better and make Bitcoin more recognized globally, increasing trust worldwide.

[X-ray]

Hopefully, adoption is not just about buying and holding. But they also participate in development through other schemes that add utility value to Bitcoin. For example, having programs that support the potential increase in user trust and attract new users. So they are not only looking for profit from the volatile value. That would be even better and make Bitcoin more recognized globally, increasing trust worldwide.

They might open bitcoin bank that's more inline with their specialty. Just matter of time in my opinion.

It's still good to see that national bank finally opening up to bitcoin though, they know bitcoin can't be stopped so they joined to the trend.

Since it has come to this, we should expect more to come.

[rat03gopoh]

They might open bitcoin bank that's more inline with their specialty. Just matter of time in my opinion.

If this is their initiative, let me laugh at them first. Remember Bitcoin's idea of ​​eliminating the need for third parties?

Bitcoin bank will almost certainly operate on a fractional reserve basis. This means they'll lend out more BTC than they actually hold, as that's the only way to gain big profit margin like traditional banks. Realistically, it's closer to a fool's experiment that's been proven to end badly time and time again than a brilliant idea.

[harapan]

Nowadays a random entity buys 10 BTC, and all of a sudden, they're "all in for it."

Just because a bank bought some bitcoin, you think that means the European countries started to "fully embracing it"? To me it seems like countries of the European Union are the last to fully adopt it to their treasuries, judging by the regulations they urge to pass. Most people in authority positions are either completely ignorant of what's coming, or they're paid actors who continue spreading FUD about bitcoin and supporting nonsensical Keynesian / socialist policies.

They have not gotten it to he fully into it, rather they have gotten it for so they can carry out experiments with the transactions. One thing refreshing about the banks aims is that they are open to using it in the future and credits to the governor who spoke about using Bitcoin as a means of payment in the future. I am super proud of him because politicians in the UK do not want to entertain the thoughts. They didn't just buy Bitcoin but some other stablecoins attached to it. I do not consider the European bank stupid for their statement, they know bitcoin to be thriving investment and assest, they are simply stubborn to accept the truth.

[mindrust]

As Mamadou Ghandi said, “first they ignore you then they laugh at you, then they fight you, then you win.” You know which stage we are at now right? We are in a phase where banks and governments are joining us instead of fighting us and shows how powerful bitcoin has become and how much it penetrated into our daily lives. Most of us can’t even imagine a world without crypto anymore and crypto has been around less than 20 years. Czech National bank has bought bitcoin? I say long overdue. It should have happened yesterday.That kind of news show us one more thing.. There is still enormous growth potential in bitcoin. Imagine what will happen when all the banks all around the world joins the party when FIAT starts to collapse fully. It won’t be a pretty picture for you if you are not holding any btc that’s for sure.

[Lucius]

~snip~
Its great news, yes.   Its good they are learning.  I just hope the intern in charge of the private keys doesnt write them down on a sticky note and leave it under their desk, haha!

Allow me to disagree with your (and some other members') delight about this news - because it would be more news for me to read that a hundred ordinary people bought 0.1 BTC each than that some bank is playing with 10 BTC. I know that many people fantasize about central banks starting to buy Bitcoin, but that's not something to look forward to - because Bitcoin was created as an alternative to banks, not for banks to buy and store it like digital gold.

[Catenaccio]

As Mamadou Ghandi said, “first they ignore you then they laugh at you, then they fight you, then you win.” You know which stage we are at now right? We are in a phase where banks and governments are joining us instead of fighting us and shows how powerful bitcoin has become and how much it penetrated into our daily lives. Most of us can’t even imagine a world without crypto anymore and crypto has been around less than 20 years. Czech National bank has bought bitcoin? I say long overdue. It should have happened yesterday.That kind of news show us one more thing.. There is still enormous growth potential in bitcoin. Imagine what will happen when all the banks all around the world joins the party when FIAT starts to collapse fully. It won’t be a pretty picture for you if you are not holding any btc that’s for sure.

Bitcoin has been fighting for its existence, adoption, growth and success since January 2009. Many years passed, Bitcoin has yet died or disappeared from human societies and its adoption growth has been parabolic upward. It's no longer proper time to say "Bitcoin is dead" as it was not dead and will not die, it's my belief that is based on how strong Bitcoin has been since 2009.

From personal miners, investors to institutional investors, and now governments, central banks, national treasuries, Bitcoin has gone a very long successful journey but it's truly deserved with this massive success. Czech central bank is not the only central bank on this planet accepts and purchases Bitcoin.

[melinoe]

I see both camps can have pros and cons for this buy - it's good from the side that it's an interest in BTC on such level, and then again -it's from a bank with the money from said bank.

It was done as a test and for the future profit.

[Rashlyowl]

Countries have started to adopt BTC seriously, whether it is just for political purposes or as a national reserve, the important thing is they make it. In contrast to our country, even though it is ranked 7th based on the global crypto adoption index, our country is not serious about responding to the adoption of BTC specifically for state reserves.

[Z-tight]

seems like European countries have started to fully embrace  bitcoin and I think this is a call for more adoption maybe..

I believe you are jumping the gun here. Nothing is changing, the EU still maintains its stand on cryptocurrencies and then there is this to further buttress this point:

While part of the European Union and the ECB, the Czech Republic has not adopted the euro, giving its central bank a modicum of independence from the rest of the continent.

Things are a little bit different for Czech Republic, compared to other countries in the European Union. There is no need to worry about governments buying BTC or not. I know it can be big news, depending on the country making the purchase and the amount, but i don't really look forward to it. If it happens, fine. If it doesn't, still fine.

[cryptomaniac_xxx]

I see both camps can have pros and cons for this buy - it's good from the side that it's an interest in BTC on such level, and then again -it's from a bank with the money from said bank.

It was done as a test and for the future profit.

Perhaps this is a just experiment for their national bank, nevertheless still a good move as anyone who bought specially a national bank could bring interest to their population too. And this could bring closer to a adoption at least in their country or their EU region.

And obviously there is a blessing from their government, so I think regardless of what we have seen here, this is a win-win for us and a welcoming news indeed.