Czech National bank bought Bitcoin for the first time

[Fivestar4everMVP]

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.

This is absolutely some great news worth sharing indeed, what this simply means is that aside some other countries that currently hold bitcoin in their government level, one country has been added to the list, this shows that Bitcoin has gone, reached placed and it's taking over gradually, I believe that before the national bank went ahead to purchase bitcoin worth $1 million dollar, the government of the country have given approval, maybe in the next bull run, we should be expecting another country that may likely officially announced bitcoin as a legal tender...

Bitcoin is here to say and no doubt about it, it's true that manipulators may try to make this journey of adoption a bit difficult by manipulating the price of Bitcoin to put fear in the minds of new incoming investors, but surely at the end, bitcoin will surely win..

[Satofan44]

Good, but the amount is pretty low for a central bank and other European countries are currently not in favor of doing the same.

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.

Exactly, this is nothing significant in neither the local scheme of things or in the grand scheme of things. The only reason why this is news at all is because it is the national bank.

This is absolutely some great news worth sharing indeed, what this simply means is that aside some other countries that currently hold bitcoin in their government level, one country has been added to the list, this shows that Bitcoin has gone, reached placed and it's taking over gradually, I believe that before the national bank went ahead to purchase bitcoin worth $1 million dollar, the government of the country have given approval, maybe in the next bull run, we should be expecting another country that may likely officially announced bitcoin as a legal tender...

Bitcoin is here to say and no doubt about it, it's true that manipulators may try to make this journey of adoption a bit difficult by manipulating the price of Bitcoin to put fear in the minds of new incoming investors, but surely at the end, bitcoin will surely win..

No, it is really not. If you had read some previous replies and clarifications in this thread you would have understood that this is a pilot program with no intent of increasing the quantity of Bitcoin bought. Therefore, this is neutral news at best and no news at all. Let's not turn into shitcoiners who tend to equate pilot programs to actual adoptions or partnership with entities. Once a central bank allocates at least 5 to 10% of their reserves to Bitcoin then we can talk about this being significant in any sense. As it is now, it is almost entirely meaningless.

The equivalent of this is Satofan44 buying $5 of Bitcoin and you people making a news article about it and clapping like well trained monkeys. 

[Donneski]

This is very positive news for us in the Bitcoin market. Though $1 million isn’t a huge amount for a national bank but I think the symbolism is what matters. When a central bank takes its first position in Bitcoin, it signals openness to the technology and puts pressure on others to start paying attention.

Prague being a city that's widely known as one of the most Bitcoin-friendly cities in Europe makes this move even more interesting. This move I believe will easily encourage more businesses and institutions in the country to follow.

[Fivestar4everMVP]

Good, but the amount is pretty low for a central bank and other European countries are currently not in favor of doing the same.

This is absolutely some great news worth sharing indeed, what this simply means is that aside some other countries that currently hold bitcoin in their government level, one country has been added to the list, this shows that Bitcoin has gone, reached placed and it's taking over gradually, I believe that before the national bank went ahead to purchase bitcoin worth $1 million dollar, the government of the country have given approval, maybe in the next bull run, we should be expecting another country that may likely officially announced bitcoin as a legal tender...

Bitcoin is here to say and no doubt about it, it's true that manipulators may try to make this journey of adoption a bit difficult by manipulating the price of Bitcoin to put fear in the minds of new incoming investors, but surely at the end, bitcoin will surely win..

No, it is really not. If you had read some previous replies and clarifications in this thread you would have understood that this is a pilot program with no intent of increasing the quantity of Bitcoin bought. Therefore, this is neutral news at best and no news at all. Let's not turn into shitcoiners who tend to equate pilot programs to actual adoptions or partnership with entities. Once a central bank allocates at least 5 to 10% of their reserves to Bitcoin then we can talk about this being significant in any sense. As it is now, it is almost entirely meaningless.

The equivalent of this is Satofan44 buying $5 of Bitcoin and you people making a news article about it and clapping like well trained monkeys.  

It's the very first step so I still would consider this a thing, there is a common proverb in my place which if translated to English simply say, "it is by wanting to buy a snuff by the enterance of the market that one ends up entering inside the market", I believe I don't have to explain to you what this means as you should already know..

There is always the first step to all that we do, many of us before we started buying bitcoin with large amount of money first did a test with a small amount, it's like getting a new hardware wallet and before you move all of your bitcoins to it, you first move a small amount to be sure the address is correct and that it will receive the bitcoin successfully..

What I personally assume the Czech national bank have done is test the waters, forget whether or not they are going to be buying more, they definitely will if this one goes well, it's a commendable move regardless of the worth of bitcoin involved, even if it's $500k worth.

[Mate2237]

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.

with the level and state Bitcoin has become today I don't think that a country using one million dollars in purchasing Bitcoin is no longer a big deal anymore. Because the fact is that Bitcoin is a now a big deciding factor whether a country will stay behind time or ahead of time when it comes to the global changing economic situation. The world is in a cross road right now there is the problem of inflation and economic uncertainty going on in the world and Bitcoin which is a stable asset is one way through which individuals and nations will use in fighting or edging against inflation.


Nations who are foresight has started to make Bitcoin a  national reserve because they know that Bitcoin is one asset that nations can't do away with so for Czech Republic national Bank to know this fact and buying Bitcoin at this present time is a welcome development but is even too late because alot is happening know in the crypto space and progressive nations of the world is buying into it since.

[coolcoinz]

This is very positive news for us in the Bitcoin market. Though $1 million isn’t a huge amount for a national bank but I think the symbolism is what matters. When a central bank takes its first position in Bitcoin, it signals openness to the technology and puts pressure on others to start paying attention.

Prague being a city that's widely known as one of the most Bitcoin-friendly cities in Europe makes this move even more interesting. This move I believe will easily encourage more businesses and institutions in the country to follow.

The important part is they defied the EU central bank.

For those who don't remember, they wanted to create a bitcoin reserve last year but Legarde from ECB said no EU countries should invest in unstable assets and some shit like that and they dropped the plan. Also, if I remember correctly, the Czech guy who announced the decision faced some pressure and resigned. So the EU central bank has a lot of influence over the local authorities, but they somehow found a way to get their hands on bitcoin, even if it's just a little bit.

In the meantime, EU is postponing the launch of its CBDC, so all good news.

[Cookdata]

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.

Good move they did but I'm not impress. You know what is bank? Those guys has millions printed somewhere that if they want to buy Bitcoin, they are going to do it and nobody is going to know they are doing it unless they announced it. We may be seeing price impact if we see large sum of money to Bitcoin but like I said the market will remain the same. I'm not buying this headline to make I as a symbol of happiness, even ordinary institutions but more than that amount daily.

Anyone that want to hit Bitcoin should do what they want, it's not like the country has made a legal tender or there is something unique. We need need something that has never been announced before. By the way, that national bank might be waiting for opportunities to buy and he has one, it's left on how long they are going to hold it for long term, short term or sell off when they are in profit.

[Satofan44]

It's the very first step so I still would consider this a thing, there is a common proverb in my place which if translated to English simply say, "it is by wanting to buy a snuff by the enterance of the market that one ends up entering inside the market", I believe I don't have to explain to you what this means as you should already know..

There is always the first step to all that we do, many of us before we started buying bitcoin with large amount of money first did a test with a small amount, it's like getting a new hardware wallet and before you move all of your bitcoins to it, you first move a small amount to be sure the address is correct and that it will receive the bitcoin successfully..

Don't get me wrong, it is most certainly better than nothing but it is important to be precise in the evaluation of news in order to avoid making unintended (or in the cases of altcoins, intended) exaggerations. In the EU there are extreme pressures towards the creation of a extreme 1984 slavery system for the citizens, where each and every transaction is tracked and controlled. A single, small central bank pilot is not that significant in this context.

What I personally assume the Czech national bank have done is test the waters, forget whether or not they are going to be buying more, they definitely will if this one goes well, it's a commendable move regardless of the worth of bitcoin involved, even if it's $500k worth.

As I have said, if they allocate a real percentage of their reserves towards Bitcoin and do so with a long-term strategy then it would be quite considerable. So far they have stated that there are no plans for increasing this.

In the meantime, EU is postponing the launch of its CBDC, so all good news.

No, it is not. Clearly you are not looking at the whole picture. In a few years more extreme restrictions are coming for cash payments. Do you think that they will allow a digital version of cash to operate unrestricted? Whether something is allowed or not is not very relevant if the restrictions for payments get ridiculous. Restrictions are a backdoor ban, so that the sheep don't complain too much.  

[AmoreJaz]

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.

I believe other banks have had secretly bought their own stash of bitcoin in the previous years. Of course, they won't admit it at first because it is like against their financial system in some way. But whoever or whichever will join this market is up to them. As everyone is free to join in this market, without judgment or anything, it is now up to you how you will strategize or take advantage this market.

[Churchillvv]

This days I do not really care about anyone buying any amount of bitcoin especially centralized authority, all this are just some minor spies on the really source bitcoin is far beyond celebrating the lazy ass of banks buying some numbers of bitcoin, I don’t even like the idea of banks having anything to do with bitcoin yet it’s to there benefit and not worth my timeline because they all was against the idea now owning it is just trying to sneak in to the side of winners.

[Satofan44]

I believe other banks have had secretly bought their own stash of bitcoin in the previous years. Of course, they won't admit it at first because it is like against their financial system in some way. But whoever or whichever will join this market is up to them. As everyone is free to join in this market, without judgment or anything, it is now up to you how you will strategize or take advantage this market.

Nonsense. Public/national banks and central banks can't do this in secret, legally that would not even be possible. Private banks could, but that is not relevant to this situation here. Anyway some random private bank buying some Bitcoin is the same as some random company buying a small of Bitcoin. People tend to forget that private banks are companies too. That is meaningless. Only if large banks start buying in large quantities could it be something significant. Otherwise it can be ignored. There are many small private banks in the world, most people have no idea just how many there are.

This days I do not really care about anyone buying any amount of bitcoin especially centralized authority, all this are just some minor spies on the really source bitcoin is far beyond celebrating the lazy ass of banks buying some numbers of bitcoin, I don’t even like the idea of banks having anything to do with bitcoin yet it’s to there benefit and not worth my timeline because they all was against the idea now owning it is just trying to sneak in to the side of winners.

What is this gibberish of a post supposed to be? "This are just some minor spies"?  Everything about Bitcoin is 100% public and transparent, from the code to every single unit in existence (every satoshi). There is nothing to spy on when everything is already available.

[macson]

The intention of the Czech Republic to invest their money in Bitcoin and crypto is quite good. Even though their goal is to become more familiar with how cryptocurrencies operate, it is one thing that deserves appreciation, because it shows the country's open attitude to making Bitcoin and crypto strategic reserves for their country.

Maybe this will not spread directly to other European countries, but with the addition of one more country which says its interest in making Bitcoin their reserve could have a good impact on the value of Bitcoin in the future.

[Hazink]

Maybe we should put the amount they purchased aside and focus more on the positive side, as such a move means a friendly crypto environment for the Czech Nation.

If we are to talk about the amount they invested and purchased as something that involves national the amount is too small is a number even some individuals could cover in a single purchase, bitcoin just need more adoption and acceptance how much a country government tries to grab should not really matter unless when they acquire a high percent of the total supply then we can be afraid of manipulation.

[Marvell1]

This is very positive news for us in the Bitcoin market. Though $1 million isn’t a huge amount for a national bank but I think the symbolism is what matters. When a central bank takes its first position in Bitcoin, it signals openness to the technology and puts pressure on others to start paying attention.

Prague being a city that's widely known as one of the most Bitcoin-friendly cities in Europe makes this move even more interesting. This move I believe will easily encourage more businesses and institutions in the country to follow.

The important part is they defied the EU central bank.

For those who don't remember, they wanted to create a bitcoin reserve last year but Legarde from ECB said no EU countries should invest in unstable assets and some shit like that and they dropped the plan. Also, if I remember correctly, the Czech guy who announced the decision faced some pressure and resigned. So the EU central bank has a lot of influence over the local authorities, but they somehow found a way to get their hands on bitcoin, even if it's just a little bit.

In the meantime, EU is postponing the launch of its CBDC, so all good news.

Czech is a European country and also a member of the EU, but they are not part of the Eurozone and use the CZK as their national currency. They have an independent monetary policy, independent of the ECB. Therefore, what they do is irrelevant and does not pose any challenge to the ECB.

Also, it should be noted that they invested $1 million but did not invest all of it in bitcoin. Besides bitcoin, they also bought stablecoins, tokenized deposit, and the total value of these assets is $1 million. It can be said that this is a very small and insignificant amount of money, so I don't think it will create any buzz or any noticeable effect.

[Rustam Meraj]

The fact that Czech National Bank bought million dollars of Bitcoin is highly important since it shows that they have officially accepted Bitcoin as reserve currency, and it is no longer simple guess. This action of central bank of country makes Bitcoin look more real to other governments and is in line with local trend in Prague, where big number of businesses already accept Bitcoin, which means that this action can cause use of digital assets by more countries and bigger groups in Europe.

[Oneandpure]

Maybe we should put the amount they purchased aside and focus more on the positive side, as such a move means a friendly crypto environment for the Czech Nation.

If we are to talk about the amount they invested and purchased as something that involves national the amount is too small is a number even some individuals could cover in a single purchase, bitcoin just need more adoption and acceptance how much a country government tries to grab should not really matter unless when they acquire a high percent of the total supply then we can be afraid of manipulation.

Talking about the amount purchasing by Czech National bank not really huge and I think many holder have that amount holding in the wallet, but looking forward have any top Bank want purchase and investing in bitcoin as good news during many top Europe countries not really looking interested for investing in bitcoin. I think most important points of Czech National bank purchase $1 million worth bitcoin as advertising way how to make many top company or other Europe bank interested for investing in bitcoin.

Take points from Czech National bank purchase bitcoin not seeing at how many amount bitcoin invested but looking the impact in the future or their advertising, waiting few moment later which one top Bank allow for purchasing bitcoin after Czech National bank have been invested before.

[Hypnotizer]

The fact that Czech National Bank bought million dollars of Bitcoin is highly important since it shows that they have officially accepted Bitcoin as reserve currency, and it is no longer simple guess. This action of central bank of country makes Bitcoin look more real to other governments and is in line with local trend in Prague, where big number of businesses already accept Bitcoin, which means that this action can cause use of digital assets by more countries and bigger groups in Europe.

No they haven’t make bitcoin an official reserve, this purchase was meant to study how bitcoin and crypto works and the blockchain.

Read the quote below to understand their reason for the purchase.

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.

[Danica22]

The fact that Czech National Bank bought million dollars of Bitcoin is highly important since it shows that they have officially accepted Bitcoin as reserve currency, and it is no longer simple guess. This action of central bank of country makes Bitcoin look more real to other governments and is in line with local trend in Prague, where big number of businesses already accept Bitcoin, which means that this action can cause use of digital assets by more countries and bigger groups in Europe.

They didn't buy millions, they only used 1 million to buy bitcoin and they also made it clear that this was just a small experiment. They do not invest, speculate or intend to add it to their national reserves.

I don't think this will have any significant impact or boost to bitcoin adoption in Europe or globally in general, especially in terms of its inclusion in national reserves. Honestly, this news is nothing remarkable as they are just testing and have no other plans after that. So don't expect anything big to happen or get too excited about it.

[Altryist]

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.

This looks more like some kind of test purchase, they have been saying for a long time that they would like to buy bitcoin for their reserves, and it seems that they have started doing that. But considering how bitcoin is behaving right now, they did not choose the best moment for it. However, if this is the beginning of a bearish market and the price keeps falling while they keep buying, then they will be able to get a better average price. For the Czech Republic this does not mean much yet, it is a step toward bitcoin, but only a small step.

[YOSHIE]

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.

When Bitcoin was first released on the crypto market, many countries opposed it, some countries threatened it, but as time went by, the countries that previously opposed it have now reversed course, they are the ones adopting Bitcoin on a large scale.

What I want to say is, maybe we can see that in the next 2-5 years Bitcoin may become an investment asset for countries that understand digital currency, this means that Bitcoin in the future will be much better than it is now and the rarer it is, the more expensive it will be.