Potenciální role Bitcoinu jako rezervního aktiva v moderních ekonomikách

This bachelor thesis examines the potential role of Bitcoin as a reserve asset in modern economies. The aim of the thesis is to assess whether and under what conditions Bitcoin can fulfil the functions of a reserve asset in comparison with traditional reserve assets, particularly monetary gold and the U.S. dollar. The theoretical part defines the functions of money, the role of reserve assets, the criteria for their evaluation, and the economic characteristics of Bitcoin as a financial asset. The practical part is based on comparative analysis, quantitative evaluation of historical data, correlation analysis, and weighted multi-criteria assessment. The results show that Bitcoin achieved high historical returns and demonstrated a certain diversification potential, but it is also associated with significantly higher volatility, deeper price drawdowns, technological risks, and limited institutional acceptance. The author’s contribution lies in systematically connecting the theoretical criteria of a reserve asset with a practical evaluation matrix that compares Bitcoin, gold, and the U.S. dollar from the perspective of central bank reserve management. The thesis concludes that Bitcoin cannot currently replace traditional reserve assets, but under certain conditions it may play a limited complementary or experimental role in reserve portfolios in the future.