Poland’s Central Bank Rejects Bitcoin as Reserve Asset for Stability

• Poland’s National Bank rules out Bitcoin reserves, maintaining a cautious approach in line with European central banks.
• The central bank prioritizes stability, focusing on gold and traditional currencies despite growing interest in digital assets worldwide.
• The May 2025 election could shift policy, with a pro-crypto candidate advocating for Bitcoin in national reserves.

Poland’s National Bank (NBP) has ruled out including Bitcoin in its national reserves, reinforcing its commitment to financial security. The central bank prefers traditional assets like gold, U.S. dollars, and euros, ensuring low-risk management of its reserves. During a press conference, NBP President Adam Glapiński emphasized that reserves must be “absolutely secure” and not exposed to cryptocurrency volatility.

Bitcoin’s Volatility a Key Concern

Unpredictable Bitcoin price fluctuations are the main factor leading to the rejection of Bitcoin as a reserve asset by Poland. Poland supports the European stand against utilizing cryptocurrencies in state reserves despite other nations including them in their economic strategies. The European Central Bank stands alongside Poland in upholding the security-related and liquidity-related reservations about Bitcoin.

Through strategic asset management, NBP maintains the steady expansion of its monetary reserves. The official reserve assets of Poland reached EUR 217.1 billion ($225.4 billion) by January 2025 which represents a 22.1% increase from the previous year. The bank attributes this growth to stable financial policies and a conservative investment approach.

Upcoming Election Could Bring Policy Shift

A potential change in Poland’s cryptocurrency policy may emerge following the May 2025 presidential election. Sławomir Mentzen, a candidate from the Confederation party, has pledged to make Poland a “cryptocurrency haven.” His proposals include integrating Bitcoin into national reserves, presenting a stark contrast to the NBP’s current stance. Mentzen’s party currently holds 18 out of 460 seats in parliament and has 12% support in recent polls.

Poland’s position aligns with other European countries, including Romania and the Czech Republic, where central banks have rejected Bitcoin as a reserve asset. Czech National Bank Governor Aleš Michl initially considered the possibility but reversed course after discussions with ECB President Christine Lagarde.

While Europe remains cautious, the United States is exploring a more flexible approach to cryptocurrency reserves. Federal Reserve Chair Jerome Powell has clarified that banks can engage with crypto clients. Under Donald Trump’s leadership, the U.S. is considering a national cryptocurrency stockpile, and multiple states, including Maryland, have initiated plans for Bitcoin reserves.