Monetary policy SNB chief speaks out against Bitcoin as a currency reserve
The head of the Swiss National Bank, Martin Schlegel, has spoken out against the purchase of Bitcoin demanded by an initiative. For the National Bank, cryptocurrencies have several problems as an asset class, as he told Tamedia.
01.03.2025, 01:57
01.03.2025, 01:58
SDA
Firstly, cryptocurrencies are extremely volatile, Schlegel said in the interview published in Tamedia newspapers on Saturday. This is not conducive to the long-term preservation of the value of Swiss National Bank (SNB) investments, he said.
"Secondly, our reserves must be very liquid so that they can be used quickly for monetary policy purposes if necessary," said Schlegel. Thirdly, cryptocurrencies would have security weaknesses.
An initiative launched last December wants to oblige the SNB to invest in Bitcoin. It calls for a passage in the constitution stating that the SNB should form currency reserves from its earnings, part of which should be held in gold and Bitcoin.
