Summary: The central bank of Poland has doubled down on its rejection of Bitcoin for reserve assets, citing volatility, security risks, and lack of stability. According to NBP President Adam Glapiński, reserves must be “absolutely secure,” and he favors gold, USD, and euros. Despite crypto’s global rise, Poland remains cautious, sticking to traditional assets.
In fact, Glapiński recently told a press conference that Bitcoin is out of the question for Poland’s reserves. “We will not consider Bitcoin under any circumstances, as reserves must be absolutely secure,” he said, according to the Warsaw Business Journal. He cited Bitcoin’s unpredictable price swings and lack of central backing as deal-breakers for the country’s financial strategy.
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Poland’s gold reserves, currently at EUR 217.1 billion (USD 225.4 billion) as of January 2025, are in the form of gold, U.S. dollars, and euros. Glapiński lauded the timing of Poland’s gold purchases as the value is going up in economic uncertainty.
The skepticism of the NBP is not new-it warned about crypto risks, such as theft and volatility, back in 2017. The bank repeated that cryptocurrencies are not supported by any central authority and do not constitute legal tender. While some in the crypto community criticize the move, Poland insists it’s all about risk management and long-term stability.
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TL;DR: Poland’s Central Bank is not investing in Bitcoin, instead continuing to rely on gold and more traditional currencies as a hedge.