瑞士国家银行（SNB）将比特币视为货币储备，原因是不稳定，流动性限制和安全风险

马丁·施莱格尔（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表达了他对全国资产中A型比特币的拒绝，强调了他对价格不稳定的担忧，其流动性约束和潜在的安全风险。

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.

瑞士国家银行的负责人拒绝购买比特币，尽管一项倡议旨在收集签名以投票给该问题。对于国家银行，加密货币作为资产类别的几个问题。

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.

总统的坚定立场与比特币最大化主义者的立场有所不同，尤其是瑞士非营利性智囊团2B4CH，这率先率领宪法修正案，要求SNB将其一部分持股分配给BTC。施莱格尔（Schlegel）的评论是在3月1日接受瑞士媒体媒体塔米亚（Tamedia）采访时进行的。

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

施莱格尔（Schlegel）强调了对比特币价格波动的主要关注点，他说如此迅速的波动与SNB的投资策略不符。

“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.

他补充说：“其次，我们的储备需要是高度流动的，以便在需要时可以快速用于货币政策目的。”

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.

除了流动性问题之外，施莱格尔还指出了加密货币的潜在安全漏洞。他认为，由于它们在软件上运行，因此它们仍然容易受到虫子和其他弱点的影响，使它们不适合在国家储备中使用。

“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：“我们都知道软件可能会有错误和其他弱点。”他进一步增强了对其作为储备资产的可靠性的怀疑。

Bitcoin Remains a “Niche Phenomenon” in Swiss Financial System

比特币仍然是瑞士金融体系中的“利基现象”

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.

尽管比特币的存在日益增长以及将其纳入该国的储备金的主动性，但Schlegel并未将其视为对传统金融系统或瑞士法郎构成任何威胁。

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

他强调，即使全球加密货币市场的价值接近3万亿美元，与更广泛的金融领域相比，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.

施莱格尔总结说：“因此，我们仍在谈论一种利基现象，”这表明，随着加密货币市场的进一步扩展，也许将来会重新审视其包含在储备中的思想。

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，他保持自己的坚定立场反对对比特币投资，而宁愿专注于维持瑞士金融机构的稳定性和流动性。

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成为宪法储备资产的努力正在采取速度，该提案由瑞士联邦校长于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.

倡议委员会“以财务强大，主权和负责任的瑞士（比特币倡议）的名字命名”，直到2026年6月30日，才能收集100,000个签名，以使此事进行公开投票。

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.

如果成功的话，该计划将要求SNB将其货币储备多样化，而不是黄金和外币等传统资产，将其一部分持股分配给比特币。但是，该提案并未指定应包含在储备金中的确切百分比。

Nations Weigh Bitcoin as Reserves

国家称其量比特币为储备金

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.

其他国家也正在考虑BTC储备的前景。自2021年9月以来，美国，捷克共和国和香港也探索了类似的选择，而埃尔·萨尔瓦多一直将其始终将其添加到国库中。

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，波兰已牢固地排除了比特币为储备资产。波兰国家银行总统亚当·格拉平斯基（AdamGlapiński）在2月6日加强了这一立场，称：“关于比特币有很多话要说，但它们不是储备金的永久，安全的元素，这就是为什么我们不持有比特币的原因。”

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

格拉平斯基（Glapiński）与施莱格尔（Schlegel）相似，强调了国家储备中对稳定的需求。

“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.”

“我们以黄金，美元和欧元的价格积累，以及略有其他元素。非常安全。但是比特币是一种非常迅速的价值波动的资产。”