Presidential Candidate Pledges to Create “Strategic Bitcoin Reserve” in Poland
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Loading... - Pauline Roussel
- 06 Dec 2024
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As Poland prepares for its presidential elections in May 2025, Sławomir Mentzen, a candidate from the far-right nationalist group Confederation (Konfederacja), has made headlines with his ambitious proposal to transform the country into a “cryptocurrency haven.” Among his key pledges is the creation of a “strategic bitcoin reserve” for Poland.
In response to a question from a Polish cryptocurrency commentator on X (formerly Twitter), Mentzen confirmed his commitment to establishing a strategic bitcoin reserve, echoing a similar proposal made by Donald Trump during his successful presidential campaign in the United States. He stated, “Of course,” and elaborated in a subsequent post that Poland should adopt “very friendly regulations, low taxes, and a supportive approach from banks and regulators” to foster a thriving cryptocurrency environment.
Mentzen's vision includes utilizing municipal offices and schools for bitcoin mining, a concept he proposed during his 2018 mayoral campaign in Toruń. He argued that the heat generated from mining could be used to warm the buildings, highlighting the dual benefits of energy efficiency and cryptocurrency production. Reflecting on the past, he noted that when he first suggested this idea, bitcoin was valued at around $7,000, and now it has surged to nearly $100,000.
Mentzen's financial declaration as a member of parliament reveals that he owns 33.7 bitcoins, valued at over $3 million at current prices. He has been involved in cryptocurrency since 2013, when he purchased his first bitcoin for approximately $600. His personal investment in the cryptocurrency market lends credibility to his proposals, as he aims to position Poland as a leader in the European cryptocurrency landscape.
One of the 20 points in Mentzen’s presidential program is to “free cryptocurrencies,” with a promise to ensure that Poland has the most cryptocurrency-friendly laws in the European Union. He envisions Poland becoming a hub for cryptocurrency companies, although he has yet to detail specific policies to achieve this goal.
Despite his rising popularity—polls indicate that Confederation is currently running third with around 12% support—Mentzen faces significant challenges. The party holds only 18 seats in Poland’s 460-seat parliament, and the ruling coalition, which spans from left to center-right, is generally opposed to Confederation's policies. Even if Mentzen were to win the presidency, his ability to implement such sweeping changes would be limited, as legislative power primarily resides with the government and parliament.
Mentzen's proposals draw parallels to Donald Trump's campaign promises in the U.S., where he pledged to make the country the “crypto capital of the planet” and establish a bitcoin strategic reserve. Following Trump's election, the prices of bitcoin and other cryptocurrencies surged, indicating a potential market reaction to pro-cryptocurrency policies.
As the Polish elections approach, Mentzen's bold vision for cryptocurrency could resonate with voters seeking innovative economic strategies. However, the feasibility of his plans remains uncertain, given the political dynamics and the need for broader legislative support.
