The Swiss National Bank (SNB) has dismissed calls for adding Bitcoin to its reserves amid rising economic risks.
Swiss Banker Statements
Chairman of the Swiss National Bank Martin Schlegel stated that 'cryptocurrency cannot currently fulfil the requirements for our currency reserves' during a shareholder meeting in Bern. His remarks came amid increasing pressure from the local crypto industry to add Bitcoin to the bank's reserves.
Bitcoin Reserve Initiative
At the end of 2024, the Swiss Federal Chancellery initiated a proposal to constitutionalize the requirement for the Swiss National Bank to hold Bitcoin on its balance sheet. The initiative needs to gather 100,000 signatures to trigger a referendum. It suggests amending the text of Article 99 to include 'and in Bitcoin.'
Ongoing Bitcoin Campaign
According to campaigner Luzius Meisser, participating in this initiative could free the central bank from political influence stemming from its currency reserves. Additionally, 2B4CH chairman Yves Bennaïm noted that having a small percentage in Bitcoin might be justified given the asset's growth trajectory amidst overall stability.
The Swiss National Bank's rejection of adding Bitcoin to its reserves reflects ongoing concerns about the cryptocurrency's volatility, despite active appeals from local advocates.
