The European Central Bank (ECB) will reassess its relationship with any national central bank that adds Bitcoin to its reserves, citing the speculative nature of BTC’s investment appeal.
Piero Cipollone, Member of the ECB’s Executive Board, told Reuters that there are currently no signs of any eurozone central bank integrating Bitcoin into its reserves. However, he noted that if the situation changes, the ECB would be forced to reevaluate risks associated with existing REPO agreements and swap lines.
Cipollone also expressed skepticism about Bitcoin, highlighting that:
- its appeal is primarily driven by speculative interest;
- it lacks intrinsic value, physical backing, or an earnings model;
- comparing BTC to gold is inaccurate, as the digital asset has no inherent commercial or industrial value.
Previously, Adam Glapiński, President of the National Bank of Poland and Chair of the Monetary Policy Council, stated that the country’s central bank won’t add Bitcoin to its reserves under any circumstances, citing security concerns.
Similarly, ECB President Christine Lagarde reiterated that Bitcoin is unsuitable as a strategic financial reserve for central banks due to its lack of liquidity, reliability, and security. The discussion on central banks investing in Bitcoin gained momentum following reports that the Czech National Bank was considering allocating a portion of its reserves to BTC.
