The head of the Czech central bank, Aleš Michl, is causing a stir. Last week Michl, who has headed the Czech National Bank for five years, presented a plan to make a study of diversification of the reserves, and the board agreed to proceed with an analysis. The plan envisages around 5% of the equivalent of 140 billion euro reserves being invested in Bitcoin.

With a 20% share in equities, the reserves are already structured differently than is usual for central banks – and Michl is no ordinary central banker. With a past as a fund manager, he is an exception in a position that is usually filled by party proportional representation. And since the Czechs said no to the euro, he doesn't need to show any consideration at the EU level either – which gives him legroom to push through something that has not (yet) achieved a consensus at the ECB.

Michl would do well not to be swayed by figures such as Bundesbank President Joachim Nagel, who equate Bitcoin with tulip speculation. This seems a little antiquated. You don't always have to go „all in“ – but pretending that Bitcoin is insubstantial is exactly that.

Michl is receiving a tailwind from the USA, where Donald Trump has given instructions that the creation of a reserve from a portfolio of cryptocurrencies should be examined. The fact that the US President does not favour Bitcoin-only was surprising, but Trump is well invested in altcoins via World Liberty Financial, which is reflected in the measure. If the crypto reserve is to become reality, the Federal Reserve's investment guidelines will have to be revised.

For the Bundesbank and ECB, the Czech Republic's initiative should be a wake-up call to be more open-minded when it comes to Bitcoin reserves, and to examine it impartially. You can cook on a low flame. If Bitcoin ever rises to 500,000 dollars, then they will be left looking foolish when other central banks start to realise huge book profits.