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Bitcoin (CRYPTO: BTC) gained a powerful boost in Europe as Luxembourg's finance minister openly backed the asset for long-term sovereign allocation, while the Czech National Bank initiated its first digital-asset pilot.
The finance minister said Luxembourg's sovereign wealth fund already holds a 1% allocation to Bitcoin and stressed the position is a completed, long-term investment.
He noted the fund could have chosen any crypto asset but opted only for Bitcoin, repeating Strategy Inc. (NASDAQ:MSTR) Founder Michael Saylor's line that "there is no second best."
The minister added that Bitcoin comes up frequently in conversations with global financial institutions and said other countries are preparing to move in the same direction.
He described Luxembourg as "in it for the long haul" and emphasized that the decision was not designed to attract attention.
According to the minister, digital assets now sit on the agenda of every major financial meeting he attends, reflecting a structural shift in how governments evaluate future reserve plans and payment systems.
In a separate development, the Czech National Bank purchased digital assets for the first time, creating a $1 million test portfolio.
The basket includes Bitcoin, a USD stablecoin, and a tokenized deposit designed to evaluate blockchain-based settlement systems.
Governor Aleš Michl said the project aims to give the bank "practical experience with holding and managing digital assets."
He emphasized that the portfolio is separate from official reserves and will not affect monetary operations or foreign exchange interventions.
Michl also explained that the CNB wants to "test decentralized Bitcoin from the central bank's perspective" and assess how such assets could diversify reserves.
The initiative, approved on October 30, also launched the CNB Lab innovation hub, focused on blockchain, tokenization, and AI-driven financial tools.
Bitcoin's inclusion in both a sovereign wealth fund and a central bank pilot signals a structural shift in Europe's monetary mindset.
Traders say the dual announcements may accelerate similar moves by smaller EU states exploring diversification away from traditional reserves.
Luxembourg's proactive tone contrasts with the European Central Bank's cautious stance, highlighting growing regional divergence.
The geopolitical race for Bitcoin leadership is accelerating.
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