The Swiss National Bank shut down the idea of buying Bitcoin on Friday during its shareholder meeting in Bern, saying the crypto asset fails to meet the standards for currency reserves.
Martin Schlegel, the SNB chairman, made the decision public after facing calls from Bitcoin advocates who want the central bank to diversify its holdings. This report is based on information from Reuters.
Pressure on the bank has been mounting from cryptocurrency campaigners who argue that growing economic instability, worsened by U.S. President Donald Trump’s tariffs, makes it necessary for the SNB to add Bitcoin to its reserves.
These campaigners have even kicked off a referendum effort aiming to amend Switzerland’s Constitution, trying to legally require the SNB to hold Bitcoin alongside gold.
Schlegel points to Bitcoin’s liquidity problems and volatility concerns
Martin said clearly during the meeting, “Cryptocurrency cannot currently fulfil the requirements for our currency reserves.” He explained that the SNB must be able to buy and sell foreign exchange at any moment, and the liquidity offered by cryptocurrencies simply isn’t enough. He made it clear that for a central bank like Switzerland’s, assets have to be easy to move, and crypto doesn’t make the cut.
He didn’t stop there. Martin also slammed the price instability that comes with cryptocurrencies. He described the market as showing “very, very high” fluctuations, raising big concerns about their reliability in maintaining the value of the country’s reserves. For him, Bitcoin is too unpredictable to trust with Switzerland’s financial backbone.
Before Martin spoke, Luzius Meisser, founder of the Bitcoin Initiative, took the floor at the meeting. Luzius defended the push, calling BTC a “special asset” and suggesting it could be a strong alternative to traditional government debt.
He said, “I have to admit it might not be worth much in scenarios that most of you consider normal. However, Bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt.”
Campaigners believe that with trust in government-backed currencies fading, stacking BTC is a move that could protect Switzerland in the future. But Martin and the SNB aren’t buying that pitch right now.
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