SNB President Martin Schlegel Rejects Bitcoin as Part of Switzerland's Reserves

As the debate rages over whether Bitcoin should be considered part of the world financial infrastructure, Bitcoin holders suffered a serious blow

The head of the Swiss National Bank (SNB), 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.

This statement comes after a citizens' initiative, spearheaded by the 2B4CH think tank, is aiming to introduce a constitutional mandate for the SNB to hold a portion of Switzerland's national reserves in Bitcoin.

The initiative, which is collecting signatures to get the measure on the ballot, faces a setback as the economically powerful SNB president has voiced his opposition to the proposal.

“We are collecting signatures for an initiative that aims to diversify the Swiss National Bank’s assets by investing a portion of the reserves in Bitcoin. The initiative is called 'More Money, No Bitcoins.' We're collecting signatures to give the Swiss people a say in how their money is invested,” the initiative stated on its website.

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply not true." He added that the SNB closely follows technological developments and is open to new opportunities, but in the case of cryptocurrencies, they pose several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply not true." He added that the SNB closely follows technological developments and is open to new opportunities, but in the case of cryptocurrencies, they pose several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply not true." He added that the SNB closely follows technological developments and is open to new opportunities, but in the case of cryptocurrencies, they present several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply not true." He added that the SNB closely follows technological developments and is willing to seize new opportunities, but in the case of cryptocurrencies, they present several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply not true." He added that the SNB is following technological developments closely and is open to new opportunities, but in the case of cryptocurrencies, they present several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply no longer an option." He added that the SNB is following technological developments closely and is willing to seize new opportunities, but in the case of cryptocurrencies, they present several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use in central bank reserves.”

suggesting that the apex bank is considering diversifying its assets to include cryptocurrencies is "simply no longer an option." He added that the SNB is following technological developments closely and is willing to seize new opportunities, but in the case of cryptocurrencies, they present several problems.

“First, cryptocurrencies are fundamentally unstable. Central banks need reserve assets that retain value over long time horizons, forming a stable base for economic policy. But cryptocurrencies, such as bitcoin, are known for their price volatility. Their value can fluctuate massively and rapidly, rendering them unsuitable for use