Swiss National Bank President Rejects Bitcoin for Central Bank Reserves
Swiss National Bank (SNB) President Martin Schlegel rejected the idea of including bitcoin in Switzerland's central bank reserves, citing concerns over:
- Volatility affecting long-term value preservation
- Lack of liquidity needed for rapid monetary policy actions
- Security vulnerabilities associated with software-based assets
A constitutional amendment initiative aims to require the SNB to hold bitcoin alongside gold. Launched by entrepreneur Yves Bennaim, it seeks 100,000 signatures within 18 months to trigger a vote.
Despite increasing cryptocurrency adoption in Switzerland, Schlegel characterized cryptocurrencies as a "niche phenomenon" and affirmed the strength of the Swiss franc against this competition.