🧭 BTC Still Fails the Reserve Test The Czech central bank’s message is interesting because it’s not a clean rejection of BTC; it’s a reluctant acknowledgment that it may improve returns, paired with a hard stop on reserve status. My read: that’s the classic institutional split between curiosity and mandate. 🧲 The bull case is obvious: even cautious institutions are now speaking about BTC in portfolio terms, which means the asset has escaped the “toy” category. The bear case is just as clear: if policymakers still think a zero outcome is plausible, they will keep BTC outside the most conservative balance-sheet structures. I think the bigger signal is that the debate has shifted from “does BTC matter?” to “how much risk can institutions tolerate before they touch it?” 👁️‍🗨️ The sharp takeaway: BTC is gaining legitimacy in theory faster than it is in the rules that actually move real capital. ⚠️ Personal analysis only. Not financial advice. DYOR. #BTC #CryptoPolicy #Macro