In today’s developments within the cryptocurrency sector, notable events include the Czech National Bank considering Bitcoin for its future diversification strategy, the resignation announcement by U.S. Federal Reserve’s Michael Barr, and the accurate prediction by Polymarket regarding Canadian Prime Minister Justin Trudeau’s resignation.
Aleš Michl, the governor of the Czech National Bank, expressed interest in Bitcoin as part of the country’s foreign exchange reserves diversification strategy. Michl stated in a recent interview that he might explore purchasing “a few Bitcoin” as a diversification measure, although this would not represent a major investment for the bank. Approval from the bank’s board, which consists of seven members, is necessary for any decision regarding Bitcoin acquisition. Currently, there are no immediate plans for such an investment, with the bank maintaining its focus on increasing gold holdings to comprise approximately 5% of its total assets by 2028.
In the United States, Michael Barr announced his resignation as vice chair for supervision at the Federal Reserve, effective by February 28 or earlier if a successor is installed. Barr, who remains a member of the Federal Reserve Board of Governors, has been seen by some in the crypto industry as enforcing a cautious stance towards banks engaging with crypto-assets.
Meanwhile, prediction market platform Polymarket successfully anticipated the resignation of Canadian Prime Minister Justin Trudeau on January 6. Speculation regarding Trudeau’s departure began over the weekend, with local media suggesting he was considering stepping down. Trudeau confirmed his resignation, prompting the Liberal Party to prepare for the selection of a new leader. Prior to the confirmation, Polymarket assessed an 80% probability of this outcome. Additionally, Polymarket offered 91% odds in favor of Conservative Party leader Pierre Poilievre succeeding as the next Prime Minister, a figure known for his pro-crypto stance particularly during the truckers’ protests amid COVID-19 restrictions.
