The President of the Swiss National Bank (SNB), Martin Schlegel, has firmly rejected the notion of incorporating bitcoin into the central bank’s reserves. He highlighted three main issues with cryptocurrencies: their volatility, which he believes makes them unsuitable for long-term value preservation; their lack of liquidity, which is essential for quick monetary policy adjustments; and security concerns due to their software-based nature. Schlegel’s comments come at a time when a Swiss initiative, led by entrepreneur Yves Bennaim, is advocating for a constitutional amendment to mandate the SNB to hold bitcoin alongside gold in its reserves. This initiative, launched in December, has 18 months to gather 100,000 signatures to trigger a national vote. Despite Switzerland’s increasing acceptance of cryptocurrencies, with several banks offering related services, Schlegel views them as a niche phenomenon and not a threat to the Swiss franc’s stability.
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