- Poland’s National Bank (NBP) dismisses Bitcoin as a reserve asset, prioritizing security and stability with gold, U.S. dollars, and euros.
- NBP President Adam Glapiński confirmed Poland’s reserves reached $225.4 billion in January 2025, a 22.1% increase year-over-year.
- Poland’s stance reflects the European Central Bank’s (ECB) rejection of Bitcoin due to its volatility and lack of security.
Poland’s National Bank (NBP) definitively dismissed adding BTC to its national reserves, which has fueled controversy in the financial and cryptocurrency communities. Citing security and stability concerns, NBP President and Monetary Policy Council Chairman Adam Glapiński reiterated the bank’s preference for securing its reserve assets through sound, reliable investments.
“We will not consider Bitcoin under any circumstances, as reserves must be secure,” Glapiński declared during a recent press conference.
Poland’s national reserves are traditional gold, U.S. dollars, and euros assets. Gold, in particular, was important, gaining value during periods of uncertainty in the world economy. Poland’s official reserves stood at EUR 217.1 billion (USD 225.4 billion) as of January 2025, an increase of more than 22.1% over a year, according to NBP.
This conventional position is in harmony with general European practice, with central banks preferring assets with high liquidity and low risk. Bitcoin’s reputation for unpredictability and volatility for Poland make it an unsuitable choice for holding in reserves.”
While the NBP holds its ground with BTC, a new direction in Poland’s crypto policies could soon follow with its presidential election in May 2025. Sławomir Mentzen, a top candidate for the Party of Confederation (Partia Konfederacja), pledged to make Poland a “cryptocurrency haven” in case of an election win.
Mentzen’s platform entails creating a strategic Bitcoin reserve, a radical departure from present administration practice. His party, holding 18 out of 460 Polish parliament seats, gained momentum, with 12% support in a recent survey. If Mentzen takes over the presidency, Poland’s economy will witness a tectonic shift, possibly with BTC in its reserves strategy.
Poland Follows ECB in Bitcoin Rejection
Poland’s Bitcoin stance generally mirrors that of the European Central Bank (ECB). On January 30, ECB head Christine Lagarde reiterated that Bitcoin will not become part of any ECB’s General Council central bank reserves. Lagarde emphasized “liquid, secure, and safe” assets; in her opinion, BTC is not such an asset.
Neighboring central banks, including the Czech National Bank and Romania’s central bank, have dismissed Bitcoin as a high-risk asset unsuitable for reserves.
Meanwhile, the debate over Bitcoin in national reserves has taken a different turn in the United States. President Donald Trump’s administration has introduced an ambitious crypto agenda, including a potential national cryptocurrency stockpile and support for globally available stablecoins pegged to the U.S. dollar.
Once staunchly opposed to Bitcoin, Federal Reserve Chair Jerome Powell has softened his stance. While the Federal Reserve cannot hold cryptocurrencies directly, Powell confirmed that U.S. banks can ” perfectly serve crypto clients.
Several U.S. states are exploring BTC reserves, with Maryland recently becoming the 17th state to propose a strategic Bitcoin stockpile.
As Poland approaches its presidential election, its financial stance and attitude towards cryptocurrencies can potentially be rewritten with its outcome. Bitcoin is not compatible with its model of reserves, NBP claims, but a new administration could introduce a new era of Polish acceptance of cryptocurrencies.
For the time being, Poland’s aversion to Bitcoin mirrors the present conflict between traditional financial frameworks and the disruptor promise of digital assets—one that will likely intensify in the coming months.
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