The National Bank of Poland (NBP) reinforced its position against incorporating Bitcoin into the country’s reserve assets. NBP President Adam Glapiński cited significant security and stability concerns as the primary reasons for the exclusion of the cryptocurrency.
During a press conference, Glapiński was quoted by the Warsaw Business Journal stating, "We will not consider Bitcoin under any circumstances, as reserves must be absolutely secure." He emphasized the bank’s need for stable and reliable reserve assets, qualities he believes Bitcoin, with its volatility, does not possess.
The central bank of Poland holds its reserves predominantly in gold, U.S. dollars, and euros, with other assets playing a minor role. Glapiński highlighted the timely decision to invest in gold, noting its appreciating value, especially during periods of economic uncertainty. He pointed out that the secure nature of these traditional assets aligns with the financial stability and long-term economic strategy of Poland.
The skepticism towards Bitcoin is consistent with the NBP’s past stance. In 2017, the bank had already issued warnings about the risks associated with cryptocurrencies, such as potential theft, absence of guarantees, and price volatility. It also stressed that cryptocurrencies lack the backing of any central authority and are not recognized as legal tender.
Despite criticism from some cryptocurrency proponents, the NBP’s decision to reject Bitcoin as part of its reserves is in line with its conservative risk management approach. As of January 2025, Poland’s official reserves had swelled to €217.1 billion ($225.4 billion), marking a 22.1% increase from the previous year, showcasing the growth and management of the country’s reserve assets without the inclusion of cryptocurrencies like Bitcoin. The NBP maintains that its strategy prioritizes the security and stability of Poland’s financial system.
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