The Czech National Bank is having a full-on civil war over Bitcoin that has crypto Twitter grabbing popcorn.

Board member Jan Kubíček is publicly FUDing Bitcoin like he's getting paid by the bears, calling it too volatile and legally sketchy for reserves.

Meanwhile, his boss, Governor Ales Michl, is practically begging to go all-in with 5% of their $146B war chest.

The FUD Master General 

Kubíček is sticking to his guns, saying that Bitcoin is too volatile to be considered for a national reserve. 

He's also wringing his hands about "legal uncertainty" while conveniently ignoring that his boss already has a plan to overcome those hurdles.

The man's acting like updating accounting systems for Bitcoin would require quantum computers when El Salvador figured it out with a fraction of their resources.

The Volatility Card 

Bitcoin's price swung from $77K to $109K this year, and Kubíček is treating this like it's evidence for his case.

Has he seen what gold did during major crises? Or what bond markets do when the Fed chairman sneezes?

He's even worried that more institutional adoption might cause more volatility, which is the opposite of what market studies have shown.

It's the kind of reasoning that makes you wonder if he's ever actually looked at how reserve assets behave during black swan events.

The Bitcoin-Positive Governor 

Governor Michl is basically saying that it would be in the government’s best interest to put as much as 5% of their entire reserves into the new digital gold.

That would be a monster position that would make MicroStrategy blush – we're talking about billions in Bitcoin.

The Governor believes Bitcoin could actually improve financial stability rather than hurt it.

He's looking at the same data as Kubíček but coming to the complete opposite conclusion, which tells you everything about the subjective nature of "risk" in central banking.

Global Central Bank FOMO 

Christine Lagarde is watching from the ECB with a level of discontent that you can feel from miles away.

She's been consistently bearish on Bitcoin while watching her dollar and euro reserves steadily lose purchasing power.

Other central banks are quietly monitoring this situation, waiting to see if the Czechs take the plunge first.

If the CNB pulls the trigger, expect the dominoes to start falling as other nations face the classic fear of missing out.

The Coming Decision 

The CNB study wraps up in October, so we're just months away from finding out which side wins.

If they decide to stack sats, it would be the most significant validation of Bitcoin from a European central bank yet.

The real question is whether Kubíček's concerns are genuine or just the standard institutional resistance to change.

Either way, the Bitcoin community is watching this brewing drama with excitement. 

The Real Stakes 

This is about whether Bitcoin has truly crossed the legitimacy threshold needed by the world's most conservative financial institutions.

If the Czechs convert even a portion of their reserves, other dominos will fall fast.

Satoshi is either laughing or horrified at the idea of central banks accumulating the very thing designed to make them irrelevant.