Bitcoin Reserve Plan Unveiled By Polish Presidential Candidate

Sławomir Mentzen, chairman of the Polish “New Hope” party and a contender in the upcoming presidential election, announced his plans for establishing a strategic Bitcoin reserve in Poland during a discourse on X. The initiative underscores Mentzen’s vested interest in Bitcoin, evidenced by his personal investment of 33.7 BTC, valued at over $3 million.

Will Poland Establish A Bitcoin Reserve?

The announcement gained prominence when Lech Wilczyński, Chief Executive Officer at Instar Energy Lab S.A. and Co-Founder of InPay, publicly queried Mentzen regarding his stance on promoting a strategic Bitcoin reserve in Poland. In response, Mentzen unequivocally affirmed his position with the statement, “Obviously.”

Wilczyński wrote via X: “The draft bill on the Strategic Bitcoin Reserve is available for use. There is no point in waiting. Instead of passing a nonsense bill on crypto assets, this should go first before it is too late. Will the president Slawomir Mentzen seek to create a strategic reserve in Poland?”

The draft bill referenced by Wilczyński originates from the non-profit organization “Satoshi Action Fund.” Notably, the US-based lobbying group, led by Dennis Porter, provided assistance in submitting a similar bill to the Pennsylvania House of Representatives.

Mentzen’s endorsement of the Bitcoin reserve initiative gained further traction on X, where he reposted relevant tweets and later made an additional declaration. In the evening following his initial endorsement, Mentzen added:

Poland should create a Strategic Bitcoin Reserve. If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators. BTC to the Moon!

Despite the momentum behind the Strategic Bitcoin Reserve plans, it remains uncertain whether Poland will adopt this strategy imminently. Poland’s unique position within the European Union, utilizing its national currency—the złoty—and not being part of the Eurozone, provides a distinct monetary autonomy that could influence the implementation of a Bitcoin reserve.

Politically, Mentzen’s “New Hope” party is characterized as far-right with limited legislative influence. In the 2023 parliamentary elections, the party secured 6.2% of the vote, translating to 12 seats in the Sejm, Poland’s lower house of parliament. Mentzen himself described the electoral outcome as a “defeat,” indicating that the results fell short of expectations.

BitcoinDACH commented on the legislative prospects in the Polish Senate: “The idea of using Bitcoin as a reserve is taking its course, but should not be overestimated. The PiS party currently holds 180 seats, the KO party 124 seats and Sławomir Mentzen’s party 7 seats, which is a low probability so far.”

Mentzen is slated to represent the far-right Confederation coalition in the forthcoming presidential election, as announced in August this year. Notably, he stands as Poland’s most popular politician on TikTok, amassing 40 million views. However, his online presence has faced challenges; prior to the last parliamentary elections, Instagram blocked his account, which had over 340,000 followers. Mentzen and his allies in the national right-wing camp denounced this action as electoral interference.

Beyond his cryptocurrency advocacy, Mentzen has positioned the New Hope party as Poland’s primary conservative force. He is openly opposed to the European Union, advocating for Poland’s exit from the bloc. Additionally, he has been vocal against high taxation and expansive welfare spending, aligning his platform with fiscal conservatism and national sovereignty.

At press time, Bitcoin traded at $92,023.

Featured image from Do Rzeczy, chart from TradingView.com