Poland's Central Bank Reinforces Stance Against Bitcoin in Reserve Assets

Poland's Central Bank Reinforces Stance Against Bitcoin in Reserve Assets

The National Bank of Poland (NBP) has reaffirmed its decision to exclude Bitcoin from the country's reserve assets, citing significant security and stability concerns. NBP President Adam Glapiński emphasized that reserve assets must be absolutely secure, a quality he believes Bitcoin lacks due to its volatility.

Preference for Traditional Assets

The NBP predominantly holds its reserves in gold, U.S. dollars, and euros, with other assets playing a minor role. Glapiński highlighted the timely decision to invest in gold, noting its appreciating value, especially during periods of economic uncertainty. The secure nature of these traditional assets aligns with Poland's financial stability and long-term economic strategy.

Skepticism Toward Cryptocurrencies

The NBP's skepticism toward Bitcoin is consistent with its past stance. In 2017, the bank warned about the risks associated with cryptocurrencies, such as potential theft, absence of guarantees, and price volatility. It also stressed that cryptocurrencies lack the backing of any central authority and are not recognized as legal tender.

Conservative Risk Management Approach

Despite criticism from cryptocurrency proponents, the NBP's decision to reject Bitcoin as part of its reserves is in line with its conservative risk management approach. As of January 2025, Poland's official reserves had grown to €217.1 billion ($225.4 billion), marking a 22.1% increase from the previous year. This growth underscores the effectiveness of the NBP's strategy, which prioritizes the security and stability of Poland's financial system.