Investing.com -- The Swiss National Bank (SNB) has dismissed the idea of including cryptocurrencies in its currency reserves, as per the bank’s chairman, Martin Schlegel. The announcement was made during the central bank’s shareholder meeting in Bern on Friday. Schlegel stated that cryptocurrencies do not currently meet the necessary requirements for the SNB’s currency reserves.
Cryptocurrency advocates have been exerting increased pressure on the SNB to consider Bitcoin as a part of their reserves. They argue that the economic instability caused by U.S. President Donald Trump’s tariffs necessitates the central bank to diversify its reserves. A referendum campaign has been initiated to alter the Swiss constitution, compelling the SNB to include Bitcoin in its reserves along with gold.
Schlegel, however, expressed concerns about market liquidity and the high fluctuations in value typically exhibited by cryptocurrencies. He emphasized the need for the central bank to have the ability to buy and sell foreign exchange at all times. The high value fluctuations of cryptocurrencies, according to Schlegel, cast doubt on their capacity to sustain the value of the SNB’s currency reserves.
The SNB chairman’s remarks followed a statement by Luzius Meisser, a founder of the Bitcoin Initiative, which is advocating for the referendum. Meisser described Bitcoin as a "special asset" and a valuable alternative to traditional government debt. He acknowledged that Bitcoin might not hold much value in scenarios deemed normal by most but stated that it would be highly valuable in a multipolar world order with diminishing trust in government debt.
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