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Bitcoin

Swiss Bank Chief Snubs Bitcoin, Says It’s Too Risky For Reserves

Christian Encila
by Christian Encila
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Swiss National Bank (SNB) has rejected the notion of incorporating Bitcoin into its reserves. The central bank has no interest in retaining the cryptocurrency, as it is too volatile and risky, according to SNB President Martin Schlegel.

Related Reading: Crypto Heads To The White House As Trump Hosts 1st Summit

Price Swings Raise Concerns

Schlegel cited Bitcoin’s unpredictable price fluctuations as a significant factor in the proposal’s rejection. According to him, the crypto does not satisfy the SNB’s requirements for stable and liquid assets for monetary policy. Cryptocurrencies are susceptible to abrupt collapses, rendering them unsuitable for use as a national reserve, he said.

In recent years, BTC has experienced significant price fluctuations, soaring to record highs and then plummeting just as rapidly. Although some investors perceive this as an opportunity, central banks typically refrain from investing in assets that are subject to such uncertainty.

Security Risks Add Another Layer Of Doubt

Security is another matter of concern. Bitcoin is susceptible to flaws and hacking attempts due to its software-based operation. Schlegel emphasized that these risks render it unsuitable for a central bank, which is required to prioritize safety in its asset holdings.

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. pic.twitter.com/eNjT8HW09w

— Bitcoin Initiative 🗳️🇨🇭 (@initiativeBTC) March 1, 2025

Over the years, the crypto industry has been the subject of numerous headlines due to hacks and deception. Despite the decentralized nature of the coin, cybercriminals have targeted trading platforms and wallets, which has raised concerns about storage and protection. Crypto exchange Bybit was the victim of the most recent hack, losing $1.5 billion to the criminals in what experts say is the biggest hack to date.

BTCUSD trading at $85,070 on the daily chart: TradingView.com

Swiss Nonprofit Pushes For A Bitcoin Reserve

Some individuals in Switzerland are advocating for change, despite the SNB’s stance. A nonprofit think center known as 2B4CH is involved in the effort to incorporate Bitcoin into the nation’s reserves. The group has suggested a constitutional amendment that would mandate the SNB to maintain crypto in addition to gold and other assets.

By June 30, 2026, 2B4CH must accumulate 100,000 signatures in order to submit the proposal to a public referendum. If the initiative is effective, Swiss citizens will have the opportunity to determine whether Bitcoin should be incorporated into the nation’s reserves.

Related Reading: TRUMP Meme Coin In Hot Water As Democrats Push Presidential Crypto Ban

Other Countries Are Watching The Debate

Switzerland is not the sole nation that is considering BTC as a reserve asset. Since 2021, El Salvador has been increasing its national Bitcoin holdings, while the Czech Republic and Hong Kong have also contemplated similar actions. Meanwhile, Poland has explicitly stated that it does not intend to maintain Bitcoin as a national reserve, as officials contend that it does not provide the necessary stability.

Right now the SNB is keeping its stance. While supporters of Bitcoin never waver in their support of its benefits, Switzerland’s central bank keeps giving traditional assets top priority. Although the discussion is far from over, Bitcoin’s inclusion in the reserves of the country is not imminent.

Featured image from Gemini Imagen, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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