The Swiss National Bank (SNB) has rejected the proposal to include Bitcoin in its currency reserves, sparking debates about digital assets despite minimal direct market consequences.
Refusal of Bitcoin Reserves
Under Martin Schlegel's leadership, the Swiss National Bank rejected the possibility of adding Bitcoin to its reserves, citing concerns about volatility and security. Schlegel emphasized that cryptocurrencies do not meet the current reserve requirements.
Viewpoints of Bitcoin Supporters
Luzius Meisser advocates for a constitutional change despite SNB's unchanging position. He highlights the strategic importance of Bitcoin in a shifting global landscape. Meisser believes that a change in approach could enhance the resilience of the Swiss economy.
Market Response Post Announcement
Following the SNB's announcement, Bitcoin and Ethereum saw slight declines, but these aligned more with broader market trends. However, local Bitcoin supporters continue to push for a referendum on constitutional changes.
The Swiss National Bank's refusal to adopt Bitcoin reserves further underscores central banks' concerns about cryptocurrency volatility. This decision also mirrors trends among other central banks, such as the ECB and the Federal Reserve.
