The Swiss National Bank (SNB) is under pressure to include Bitcoin in its reserves. This proposal, supported by a referendum, raises questions about the future of cryptocurrencies and their role in traditional financial systems.
Pressure on the Swiss National Bank
Luzius Meisser, a prominent figure in the Swiss crypto landscape, leads the campaign to include Bitcoin in the SNB reserves. The proposal requires 100,000 signatures to progress, reflecting significant public interest in cryptocurrencies.
Concerns Over Cryptocurrency Volatility
SNB Chairman Martin Schlegel dismisses this proposal, emphasizing the risks associated with cryptocurrency volatility and liquidity. 'Cryptocurrency cannot currently fulfil the requirements for our currency reserves... Crypto assets fluctuate too much. We need stable and liquid reserves,' said Schlegel.
Potential Financial Sector Consequences
If the proposal is approved, it could lead to increased institutional acceptance of Bitcoin and impact other central banks. However, volatility concerns persist, echoing sentiments from major central banks globally.
The discussions surrounding the inclusion of Bitcoin in the Swiss National Bank's reserves highlight the complexities of institutional adaptation to the evolving world of cryptocurrencies and raise important questions about the future of financial systems.
