Switzerland’s central bank has no interest in holding Bitcoin as part of its reserves, according to Swiss National Bank (SNB) President Martin Schlegel.
He dismissed the idea, citing concerns over price instability, liquidity limitations, and security vulnerabilities.
His remarks come in response to a campaign led by Bitcoin advocacy group 2B4CH, which is seeking a public referendum to mandate Bitcoin holdings on the SNB’s balance sheet. The initiative, launched by the Swiss Federal Chancellery at the end of 2023, requires 100,000 signatures by mid-2026 to be put to a vote.
Schlegel argued that Bitcoin’s extreme price fluctuations make it unsuitable for safeguarding the value of the country’s reserves. He also stressed the importance of having highly liquid assets that can be quickly deployed if needed for monetary policy interventions. Another key issue he raised was security, pointing out that digital assets rely on software, which is inherently vulnerable to bugs and technical flaws.
Despite the rapid growth of the crypto sector, Schlegel downplayed its significance, calling it a niche market compared to the broader financial system. He also dismissed the idea that Bitcoin could ever rival the Swiss franc, stating that competition from cryptocurrencies is not a concern for the SNB.
While Switzerland remains a major hub for Bitcoin adoption, particularly in cities like Lugano, where pro-crypto policies have gained traction, the government appears reluctant to embrace it at a national level. Meanwhile, discussions about Bitcoin as a reserve asset are unfolding in countries such as the United States, the Czech Republic, and Hong Kong. El Salvador continues to accumulate Bitcoin in its treasury, while Poland has officially ruled out the possibility of adopting it as a reserve asset.
As institutional adoption of Bitcoin accelerates, U.S. asset management giant Franklin Templeton has issued a cautionary note on the growing trend of crypto-based treasury strategies.
Bitcoin rose 1.78% over the past 24 hours to reach $109,500 at the time of writing, driven by surging institutional inflows into spot ETFs, easing global trade tensions, and strengthening technical momentum.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), known by its ticker IBIT, has surpassed the firm’s flagship S&P 500 ETF in annual revenue, according to a new report from Bloomberg.
Robert Kiyosaki, author of Rich Dad Poor Dad, revealed on July 1 that he purchased another Bitcoin, reaffirming his long-term bullish stance—even if it comes with personal risk.