Swiss National Bank Rejects Cryptocurrency Reserves Inclusion

Swiss National Bank Dismisses Cryptocurrency Reserves Proposal

The Swiss National Bank (SNB) has rejected the idea of including cryptocurrencies in its currency reserves, as stated by Chairman Martin Schlegel during the central bank's shareholder meeting in Bern. Schlegel emphasized that cryptocurrencies currently do not meet the necessary requirements for the SNB’s reserves, primarily due to concerns over market liquidity and high value fluctuations.

Advocates Push for Bitcoin Inclusion

Despite the SNB's stance, cryptocurrency advocates, led by Luzius Meisser of the Bitcoin Initiative, are campaigning for Bitcoin's inclusion in the bank's reserves. They argue that economic instability, partly attributed to U.S. President Donald Trump’s tariffs, necessitates diversification of the SNB’s reserves. A referendum campaign is underway to amend the Swiss constitution, compelling the SNB to include Bitcoin alongside gold.

Concerns Over Volatility and Liquidity

Schlegel highlighted the need for the central bank to maintain the ability to buy and sell foreign exchange at all times, a capability he believes cryptocurrencies lack due to their high value fluctuations. These concerns cast doubt on their suitability for sustaining the value of the SNB’s currency reserves.

Bitcoin as a "Special Asset"

Meisser described Bitcoin as a "special asset" and a valuable alternative to traditional government debt. He acknowledged that Bitcoin might not hold significant value in stable economic conditions but argued that it would be highly valuable in a multipolar world with diminishing trust in government debt.