The president of the Swiss National Bank stated that Bitcoin is not suitable as a reserve asset

2025-03-02 08:15:46

Collection

ChainCatcher news, Swiss National Bank (SNB) President Martin Schlegel does not wish to consider Bitcoin as a reserve asset for Switzerland, citing factors such as insufficient stability, liquidity concerns, and security risks.

On March 1, Schlegel told Swiss local media Tamedia that the volatility of Bitcoin and other cryptocurrencies is too high, which is detrimental to maintaining the value of SNB investments. "Secondly, our reserves need to be highly liquid so that they can be quickly used for monetary policy purposes when needed." He also pointed out that since Bitcoin and cryptocurrencies are run by software, they are inherently susceptible to vulnerabilities and technical weaknesses: "We all know that software can have bugs and other weaknesses."

Although Schlegel acknowledged that the crypto market secures nearly $30 trillion in value, he stated that the industry remains a "niche phenomenon" compared to the broader financial system. The Swiss central bank president added that he does not believe Bitcoin or cryptocurrencies could replace the Swiss franc: "We are not afraid of competition from cryptocurrencies."

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.