Europe Reluctant to Follow the U.S. Example
European leaders remain hesitant to adopt another Trump initiative that helped solidify his return to power in the U.S.—the creation of a strategic Bitcoin reserve.
While Central and Eastern European countries and some non-euro nations are exploring the idea of cryptocurrency reserves, at least one monetary authority is already considering adding Bitcoin to its portfolio.
Meanwhile, Russia currently holds 60% of its investment funds in Chinese yuan and the remaining 40% in gold, but in the future, Moscow may turn to more profitable assets, including cryptocurrencies.
Europe Ignores Trump’s “Digital Fort Knox” While Eastern Nations Seek Alternatives
Despite the rise of cryptocurrencies and the increasing impact of the U.S. Bitcoin reserve, most European leaders remain passive toward the concept. In recent months, the idea of a Bitcoin reserve has been dismissed, while some Eastern European officials argue that Europe should have its own Bitcoin vaults.
Market reactions indicate some disappointment that Europe is not planning to acquire digital assets, but Trump’s move fulfills his campaign promise and strengthens the crypto sector.
On Friday, Trump welcomed industry leaders to a summit at the White House, marking the first such meeting since the U.S. abandoned plans for a “digital dollar” earlier this year.
Despite this, Europe remains skeptical—some of Trump’s initiatives, such as his peace efforts in Ukraine and protectionist trade policies, have caused transatlantic tensions.
Czech National Bank Considers Bitcoin Reserve Despite Lagarde’s Opposition
Europe’s stance on cryptocurrencies is not uniform. While European Central Bank (ECB) President Christine Lagarde made it clear in January that she opposes Bitcoin in central bank reserves, some European countries remain open to the idea.
🗨 "Reserves must be liquid, safe, and free from associations with money laundering or other criminal activities," Lagarde stated at a press conference in Frankfurt.
At the same time, Czech National Bank Governor Aleš Michl proposed that the central bank diversify its reserves and allocate up to 5% of its €140 billion in Bitcoin.
Despite Lagarde’s skepticism, the Czech National Bank decided to analyze the possibility of creating a Bitcoin test portfolio. Michl addressed the issue on X (Twitter):
🗨 "Studying Bitcoin won’t harm us—it will strengthen us. We must adapt to evolving financial markets."
Similarly, in Poland, which is not part of the eurozone, presidential candidate Sławomir Mentzen promised to establish a national Bitcoin reserve if elected.
🗨 "We will turn Poland into a crypto-friendly hub with favorable regulations, low taxes, and a welcoming approach from banks and regulators," he declared on X in November.
Western Europe Remains Skeptical About Bitcoin
While Eastern Europe explores Bitcoin adoption in reserves, Western European central banks remain firmly opposed.
🔹 Joachim Nagel, head of Germany’s Bundesbank, dismissed Bitcoin’s status as a currency and stated:
🗨 "This is not something central banks should consider. Bitcoin is not a liquid asset you want on your balance sheet."
🔹 Francois Villeroy de Galhau, governor of Banque de France, called Trump’s financial deregulation “dangerous” for banks and financial service providers.
🔹 Martin Schlegel, chairman of the Swiss National Bank, said in March that SNB is unlikely to hold Bitcoin in its reserves, arguing that "digital assets do not meet the fundamental characteristics of a good currency."
Russia Bets on Gold and Yuan but Leaves the Door Open for Crypto
In Russia, where sanctions have forced the country to seek alternative reserve assets, gold and the Chinese yuan remain the preferred options for now.
📌 The Ministry of Finance confirmed that it has no plans to create a Bitcoin reserve, but Deputy Minister Vladimir Kolychev suggested that crypto investments could be considered in the future.
🗨 "Once we accumulate 7–10% of GDP in risk-free assets, we may consider more profitable options, including cryptocurrencies," Kolychev stated.
In December, Russian lawmaker Anton Tkachev urged Finance Minister Anton Siluanov to evaluate the feasibility of a strategic Bitcoin reserve, citing fiat currency volatility, geopolitical sanctions, and inflation.
This move followed Russian President Vladimir Putin’s accusation that previous U.S. administrations weakened the U.S. dollar’s role as a reserve currency, forcing other nations to seek alternatives. As an example, Putin mentioned Bitcoin, stating that it cannot be regulated.
“Nature Hates a Vacuum” – Lagarde Pushes for Digital Euro
Meanwhile, monetary authorities in Russia, China, and Europe have made progress in implementing digital versions of their national currencies.
Analysts cited by Reuters in January argue that by abandoning the digital dollar, the U.S. has effectively given its competitors a lead in the race for central bank digital currencies (CBDCs), further widening the geopolitical gap over digital finance.
🗨 "Nature hates a vacuum," Christine Lagarde recently declared, urging EU institutions to accelerate the legislative process for the digital euro:
🗨 "We must move beyond discussion and make the digital euro a reality by October."
The digital euro project has been met with concerns about privacy and financial exclusion. French nationalist MEP Sarah Knafo voiced strong opposition:
🗨 "NO to the digital euro, YES to a strategic Bitcoin reserve!"
In a speech before the European Parliament, Knafo warned that CBDCs could create a dystopian financial system, contrasting them with Trump’s pro-crypto stance.
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