瑞士國家銀行（SNB）將比特幣視為貨幣儲備，原因是不穩定，流動性限制和安全風險

馬丁·施萊格爾（Martin Schlegel）

Swiss Nаtionаl Bаnk (SNB) Prеsidеnt Mаrtin Schlegel hаs opеnеrly expressed his rejection of aвocoding Bitcoin among the country's rеsеrvе assets, highlighting his concerns over its price instability, liquidity constraints, and potential security risks.

瑞士人（SNB）的瑞士人（SNB）schlegel opinglly hourly表達了他對全國資產中A型比特幣的拒絕，強調了他對價格不穩定的擔憂，其流動性約束和潛在的安全風險。

The head of the Swiss National Bank is refusing to buy bitcoin despite an initiative that is aiming to collect signatures to put the issue to a vote. For the National Bank, cryptocurrencies present several problems as an asset class.

瑞士國家銀行的負責人拒絕購買比特幣，儘管一項倡議旨在收集簽名以投票給該問題。對於國家銀行，加密貨幣作為資產類別的幾個問題。

The president’s firm stance differs from that of Bitcoin maximalists, particularly Swiss nonprofit think tank 2B4CH, which is spearheading a constitutional amendment to mandate SNB to allocate a portion of its holdings to BTC. Schlegel’s comments came during an interview with Swiss media outlet Tamedia on March 1.

總統的堅定立場與比特幣最大化主義者的立場有所不同，尤其是瑞士非營利性智囊團2B4CH，這率先率領憲法修正案，要求SNB將其一部分持股分配給BTC。施萊格爾（Schlegel）的評論是在3月1日接受瑞士媒體媒體塔米亞（Tamedia）採訪時進行的。

Highlighting the primary concern over Bitcoin’s price volatility, Schlegel said that such rapid fluctuations do not align with SNB’s investment strategy.

施萊格爾（Schlegel）強調了對比特幣價格波動的主要關注點，他說如此迅速的波動與SNB的投資策略不符。

“Second, our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes if needed,” he added, explaining another setback for investing in the world’s leading cryptocurrency.

他補充說：“其次，我們的儲備需要是高度流動的，以便在需要時可以快速用於貨幣政策目的。”

Beyond liquidity concerns, Schlegel also pointed out the potential security vulnerabilities of cryptocurrencies. Since they operate on software, they remain susceptible to bugs and other weaknesses, rendering them unsuitable for use in national reserves, he believes.

除了流動性問題之外，施萊格爾還指出了加密貨幣的潛在安全漏洞。他認為，由於它們在軟件上運行，因此它們仍然容易受到蟲子和其他弱點的影響，使它們不適合在國家儲備中使用。

“We all know that software can have bugs and other weak points,” he noted, further reinforcing his doubts about its reliability as a reserve asset.

他指出：“我們都知道軟件可能會有錯誤和其他弱點。”他進一步增強了對其作為儲備資產的可靠性的懷疑。

Bitcoin Remains a “Niche Phenomenon” in Swiss Financial System

比特幣仍然是瑞士金融體系中的“利基現象”

Despite Bitcoin’s growing presence and the initiative to integrate it into the country’s reserves, Schlegel does not view it as posing any threat to traditional financial systems or the Swiss franc.

儘管比特幣的存在日益增長以及將其納入該國的儲備金的主動性，但Schlegel並未將其視為對傳統金融系統或瑞士法郎構成任何威脅。

He emphasized that even with the global cryptocurrency market nearing $3 trillion in value, it remains small compared to the broader financial sector.

他強調，即使全球加密貨幣市場的價值接近3萬億美元，與更廣泛的金融領域相比，它仍然很小。

“So we’re still talking about a niche phenomenon,” Schlegel concluded, suggesting that perhaps in the future, as the crypto market expands further, the thinking around its inclusion in reserves could be revisited.

施萊格爾總結說：“因此，我們仍在談論一種利基現象，”這表明，隨著加密貨幣市場的進一步擴展，也許將來會重新審視其包含在儲備中的思想。

However, currently, he maintains his firm stance against investing in Bitcoin, preferring to focus on maintaining the stability and liquidity of Swiss financial institutions.

但是，目前，他保持自己的堅定立場反對對比特幣投資，而寧願專注於維持瑞士金融機構的穩定性和流動性。

The push to make BTC a constitutional reserve asset is gathering pace with the proposal being officially introduced by the Swiss Federal Chancellery on December 31.

使BTC成為憲法儲備資產的努力正在採取速度，該提案由瑞士聯邦校長於12月31日正式提出。

The initiative committee, named “For a Financially Strong, Sovereign and Responsible Switzerland (Bitcoin Initiative)”, has until June 30, 2026, to collect 100,000 signatures to bring the matter to a public vote.

倡議委員會“以財務強大，主權和負責任的瑞士（比特幣倡議）的名字命名”，直到2026年6月30日，才能收集100,000個簽名，以使此事進行公開投票。

If successful, the initiative would require the SNB to diversify its currency reserves beyond traditional assets like gold and foreign currencies, allocating a portion of its holdings to Bitcoin. However, the proposal does not specify the exact percentage that should be included in reserves.

如果成功的話，該計劃將要求SNB將其貨幣儲備多樣化，而不是黃金和外幣等傳統資產，將其一部分持股分配給比特幣。但是，該提案並未指定應包含在儲備金中的確切百分比。

Nations Weigh Bitcoin as Reserves

國家稱其量比特幣為儲備金

Other nations are also contemplating the prospect of BTC reserves. The United States, Czech Republic, and Hong Kong have explored similar options, while El Salvador has been consistently adding it to its treasury since September 2021.

其他國家也正在考慮BTC儲備的前景。自2021年9月以來，美國，捷克共和國和香港也探索了類似的選擇，而埃爾·薩爾瓦多一直將其始終將其添加到國庫中。

Poland, on the other hand, has firmly ruled out Bitcoin as a reserve asset. National Bank of Poland President Adam Glapiński reinforced that position on February 6, stating, “There is a lot to be said about bitcoins, but they are not a permanent, safe element of reserves, which is why we do not hold bitcoins.”

另一方面，波蘭已牢固地排除了比特幣為儲備資產。波蘭國家銀行總統亞當·格拉平斯基（AdamGlapiński）在2月6日加強了這一立場，稱：“關於比特幣有很多話要說，但它們不是儲備金的永久，安全的元素，這就是為什麼我們不持有比特幣的原因。”

Glapiński echoed similar concerns as Schlegel, highlighting the need for stability in national reserves.

格拉平斯基（Glapiński）與施萊格爾（Schlegel）相似，強調了國家儲備中對穩定的需求。

“We accumulate in gold, dollars and euro, as well as marginally other elements. So very safely. But bitcoin is an asset that fluctuates in value very rapidly.”

“我們以黃金，美元和歐元的價格積累，以及略有其他元素。非常安全。但是比特幣是一種非常迅速的價值波動的資產。”