National Bank of Switzerland rejects proposal for a Bitcoin reserve

The president of the entity ruled out the incorporation of Bitcoin to official reserves, citing volatility and liquidity concerns. The debate reflects tensions between innovation and the search for traditional financial stability.

***

• He Swiss National Bank Discard a Bitcoin as a reserve.
• He alleges concerns about limited volatility and liquidity.
• The explanatory comes in response to a proposal for the entity to create a reserve Bitcoin.
• However, the entity has invested in companies that manage directly Bitcoin.

He Swiss National Bank (BNS) He decided to maintain a conservative position regarding cryptocurrencies, so he rejected the proposal to create a strategic reserve based on Bitcoin.

According to a report published by COINDESKduring the General Assembly held today, the president of the Central Bank, Martin Schlegel, He affirmed that Bitcoin It does not meet the liquidity and stability requirements necessary to integrate into the country’s foreign exchange reserves.

Deepening more about it, Schlegel said that, although the liquidity of cryptocurrencies may seem acceptable at certain times, it tends to evaporate in crisis situations. In addition, he emphasized the high volatility of Bitcoin as a risk for long -term value preservation.

The declaration of BNS responds to pressures from the Bitcoin Initiative, A defense group that advocates the inclusion of the digital currency in the Swiss reserves. According to your analysis, A 1 % allocation to Bitcoin since 2015 would have doubled the performance of the bank’s portfolio, with a marginal increase in annualized volatility.

The group argues that evaluating the volatility of Bitcoin In isolation it is a mistake, since its impact must be analyzed depending on the general behavior of the investment portfolio.

Luzius Meisser, member of the BItcoin Initiative and manager of Bitcoin suisse, He stressed that the digital currency has demonstrated resilience to market tensions, with daily trade volumes in the billions of dollars, even for holidays.

Meisser also pointed out the technical reliability of the network Bitcoinconsidering it one of the safer computer systems ever created. In addition, he mentioned that the United States has begun to form a strategic reserve BTC, in a significant policy change.

Political factors in rejection

In a statement sent to COINDESK, the Bitcoin Initiative suggested that the rejection of BNS It could have political motivations. Incorporate BTC It could be interpreted as an act of distrust of other currencies, affecting the diplomatic relations of Switzerland, especially with the European Union.

In this context, the president of European Central BankChristine Lagarde, has maintained a critical stance of the digital currency, qualifying it as “Highly speculative” and lacking intrinsic value. This reaffirmed in January Bitcoin would not comply with the liquidity and security criteria required by the BCE to be considered as reserve assets.

Other European central banks, such as Poland and Romania, have also ruled out the possibility of maintaining Bitcoin in their official reserves.

Meanwhile, the United States, under the administration of President Donald Trump, has adopted a different approach. At the beginning of the year, the president signed an executive order to establish a strategic reserve Bitcoin and create a Crypto advice responsible for exploring ways to increase digital reserves, for ways that do not involve capital investment contributed by taxpayers.

The order also prohibits government agencies for the creation or promotion of digital currencies of central banks (CBDC), citing concerns about citizen privacy.

Indirect exposure to Bitcoin

Back with him Bns, Although the entity does not have Bitcoin Directly, its portfolio includes shares of companies with important digital currency holdings. Among them are 520,000 shares of Strategy, 8.12 million Tesla, 580,000 of Mara Holdings and 500,000 of CleansPark, According to data from Fintel At the end of 2024.

President Schlegel reaffirmed that, despite the calls of citizens, the bank will maintain its current policy. Instead, he stressed that the BNS He continues to experiment with financial innovations, such as a pilot project that uses digital currencies of central banks for interbank payments.

This approach contrasts with the growing trend in other countries towards the direct adoption of cryptoactive as part of its national financial strategies.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

Subscribe to our newsletter