Sławomir Mentzen, president of the Polish “New Hope” party and candidate in the upcoming presidential elections, announced his plans to establish a strategic bitcoin reserve in Poland during a speech on x. The initiative underlines Mentzen's vested interest in bitcoin, as he demonstrates 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, CEO of Instar Energy Lab SA and co-founder of InPay, publicly asked Mentzen about his stance on promoting a strategic bitcoin reserve in Poland. In response, Mentzen unequivocally stated his position on the <a target="_blank" href="https://x.com/SlawomirMentzen/status/1858152383169052798″ target=”_blank” rel=”noopener nofollow”>statement“Obviously.”
Wilczyński wrote via x: “The draft law on the bitcoin Strategic Reserve is available for use. There's no point in waiting. Instead of passing a meaningless bill on crypto assets, this should be passed first before it's too late. Will President Slawomir Mentzen try to create a strategic reserve in Poland?
The bill Wilczyński refers to comes from the non-profit organization “Satoshi Action Fund”. Notably, the US-based lobbying group, led by Dennis Porter, provided assistance in introducing a similar bill to the Pennsylvania House of Representatives.
Mentzen's support for the bitcoin reserve initiative gained more traction on x, where he reposted relevant tweets and then made an additional statement. The night after his initial endorsement, Mentzen <a target="_blank" href="https://x.com/SlawomirMentzen/status/1858276016822603970″ target=”_blank” rel=”noopener nofollow”>aggregate:
Poland should create a strategic bitcoin reserve. If I become President of Poland, our country will become a cryptocurrency paradise, with very friendly regulations, low taxes and a supportive approach from banks and regulators. btc to the Moon!
Despite the momentum behind the bitcoin Strategic Reserve plans, it remains uncertain whether Poland will adopt this strategy imminently. Poland's unique position within the European Union, using its national currency (the złoty) and not being part of the eurozone, provides distinctive 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 won 6.2% of the vote, which translated into 12 seats in the Sejm, the lower house of the Polish parliament. Mentzen himself described the election result as a “defeat,” indicating that the results did not meet expectations.
BitcoinDACH <a target="_blank" href="https://x.com/BitcoinDACH/status/1858257389738393728″ target=”_blank” rel=”noopener nofollow”>commented on legislative prospects in the Polish Senate: “The idea of using bitcoin as a reserve is continuing, but it should not be overestimated. The PiS party currently has 180 seats, the KO party 124 and Sławomir Mentzen's party 7, which is a low probability so far.”
Mentzen is scheduled to represent the far-right Confederation coalition in the upcoming presidential election, as announced in August this year. Notably, he is Poland's most popular politician on TikTok, amassing 40 million views. However, its online presence has faced challenges; Before the last parliamentary elections, instagram blocked his account, which had more than 340,000 followers. Mentzen and his allies in the national right camp denounced this action as electoral interference.
Beyond his defense of cryptocurrencies, Mentzen has positioned the New Hope party as the main conservative force in Poland. He openly opposes the European Union and advocates Poland leaving the bloc. Additionally, he has spoken out against high taxes and expansive social welfare spending, aligning his platform with fiscal conservatism and national sovereignty.
At press time, bitcoin was trading at $92,023.
Featured image by Do Rzeczy, chart from TradingView.com
