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The Coin Rise 2025-03-02 13:34:03

Swiss National Bank President Rejects Bitcoin as a Reserve Asset: Report

Swiss National Bank President Rejects Bitcoin as a Reserve Asset: Report

Swiss National Bank (SNB) President Martin Schlegel has dismissed the idea of adopting Bitcoin as a reserve asset, arguing that its volatility, liquidity limitations, and security risks make it an unsuitable choice for Switzerland’s central bank. Schlegel’s remarks come amid ongoing efforts by Swiss Bitcoin nonprofit think tank 2B4CH to introduce a constitutional amendment requiring the SNB to hold BTC on its balance sheet. Bitcoin Deemed Too Risky for Swiss Reserves Speaking to local media outlet Tamedia on March 1, Schlegel explained that Bitcoin’s unpredictable price swings make it incompatible with the SNB’s objective of maintaining financial stability. He also emphasized the importance of liquidity, stating, “Our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes if needed.” Beyond volatility and liquidity concerns, Schlegel highlighted another issue: the reliance on software-driven technology. He cautioned that all software carries potential vulnerabilities, which could expose Bitcoin to unforeseen risks. Despite the crypto market now securing nearly $3 trillion in value, he described it as a “niche phenomenon” compared to the broader financial system. Public Referendum Despite Schlegel’s skepticism, Bitcoin advocates in Switzerland continue to push for change. The 2B4CH proposal was officially launched by the Swiss Federal Chancellery on December 31, 2023, initiating a process that requires 100,000 signatures to qualify for a public referendum. With a deadline set for June 30, 2026, BTC supporters have 16 months to gather the necessary backing. Switzerland, home to 8.97 million people, would need at least 1.11% of its population to sign the petition for it to move forward. If successful, the country could see Bitcoin debated as a legitimate reserve asset at the highest levels of government, despite opposition from SNB leadership. While Switzerland remains a leader in Bitcoin adoption, particularly in the city of Lugano, which hosts the annual Plan B conference, the country’s central bank remains resistant to integrating BTC into its financial framework. Global Interest in Bitcoin Reserves Although Switzerland’s central bank is steering clear of Bitcoin, other nations are actively considering it. Countries like the U.S., Czech Republic, and Hong Kong have expressed interest in holding BTC as part of their reserves, while El Salvador continues its strategy of accumulating one Bitcoin per day since launching its Bitcoin treasury in September 2021. On the other hand, Poland recently ruled out BTC as a reserve asset, aligning more closely with Switzerland’s cautious stance. The post Swiss National Bank President Rejects Bitcoin as a Reserve Asset: Report appeared first on TheCoinrise.com .

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