The head of the Swiss National Bank rejected the idea of including Bitcoin in the currency reserves
Kyiv • UNN
The head of the Swiss National Bank, Martin Schlegel, stated that cryptocurrencies do not meet the standards of the institution's currency reserves. He explained this by the high volatility of Bitcoin and the insufficient liquidity of the market.
The Chairman of the Swiss National Bank, Martin Schlegel, stated on Friday, April 24, that cryptocurrencies do not meet the standards of the institution's currency reserves, rejecting calls from cryptocurrency supporters who insisted that the SNB keep Bitcoin as protection against growing global economic risks. This is reported by Reuters, writes UNN.
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Cryptocurrency supporters are increasing pressure on the SNB to buy Bitcoin, arguing that the economic shocks caused by US President Donald Trump's tariffs make the issue of diversifying central bank reserves even more relevant.
They initiated a campaign to collect signatures for a referendum to amend the Swiss Constitution in order to oblige the SNB to store Bitcoin in its reserves alongside gold.
However, SNB Chairman Martin Schlegel rejected the idea during the central bank's annual shareholders' meeting in Bern.
At the moment, cryptocurrencies cannot meet the requirements for our currency reserves
One of the concerns, according to Schlegel, is market liquidity, as the central bank must always be able to buy and sell foreign currency.
In addition, cryptocurrencies tend to show "very, very high" fluctuations in value, which, according to Schlegel, raises doubts about their ability to maintain the value of the SNB's currency reserves.
His statement came in response to a speech by Luzius Meisser, founder of the Bitcoin Initiative, which promotes the idea of a referendum. Meisser said that Bitcoin is a "special asset" and a valuable alternative to traditional government debt.
"I have to admit that in scenarios that most of you consider normal, it may not be very valuable," he said. — "However, in a specific scenario of a multipolar world order with fading confidence in government debt, Bitcoin will be of great value."
