Polish Central Bank: Will Not Purchase Bitcoin "Under Any Circumstances"

On February 11th, Adam Glapiński, who is the President of the National Bank of Poland (NBP), declared that the central bank "under no circumstances" would think about including Bitcoin in its reserves. During a press conference, Glapiński stated that the NBP would only consider including it in reserves if the asset is "completely safe." He made a comparison between Bitcoin and gold, believing that gold is more stable in value and has helped the bank's reserves increase by 22% last year. However, Glapiński did not completely rule out the value of cryptocurrency and noted, "There are many aspects of Bitcoin that are worth discussing." But he emphasized that the NBP believes Bitcoin cannot become a "long-term, secure component" of its reserves. "You can purchase a lot, you can also earn a lot, but you can also lose a lot," he added. "However, we are more inclined to choose assets with certainty." This cautious attitude is not unexpected, especially for advocacy organizations that support central banks holding BTC reserves. Matthew Pines, the National Security Researcher at the Bitcoin Policy Institute, stated that central banks are fundamentally conservative institutions. "The legal functions of central banks are usually very limited, mainly focusing on maintaining price stability, full employment, and financial stability," he said. "In addition, central banks generally view currency as the core of national sovereignty and strictly control the monopoly on the issuance of legal tender granted by the state."