The Swiss National Bank rejected growing calls to adopt Bitcoin (BTC) as part of its foreign currency reserves, saying cryptocurrencies fail to meet its requirements for liquidity and stability.
Speaking at the central bank’s annual shareholder meeting in Bern, SNB Chairman Martin Schlegel said the institution needs assets it can reliably buy and sell, and warned that digital currencies show too much price volatility to qualify.
Schlegel stated:
“Cryptocurrency cannot currently fulfil the requirements for our currency reserves.”
He cited “market liquidity” as a major concern and noted that cryptocurrencies typically exhibit “very, very high” fluctuations in value, undermining their ability to preserve reserve stability.
Campaign for Bitcoin adoption
The push comes as crypto advocates ramp up efforts to mandate Bitcoin holdings through a constitutional amendment.
Supporters have launched a referendum campaign that would require the SNB to add Bitcoin to its reserves alongside gold, arguing that diversification is urgently needed amid growing global economic risks.
Advocates say recent market instability, triggered in part by new tariff measures from US President Donald Trump, has exposed vulnerabilities in traditional reserve strategies and increased the appeal of decentralized assets like Bitcoin.
Luzius Meisser, founder of the Bitcoin Initiative leading the referendum drive, addressed the SNB meeting directly. He described bitcoin as a “special asset” that could serve as an important alternative in times of financial upheaval.
Meisser said:
“I have to admit it might not be worth much in scenarios that most of you consider normal. However, Bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt.”
SNB remains cautious
Despite Switzerland’s status as a global hub for blockchain innovation, often referred to as “Crypto Valley,” the SNB’s leadership remains firmly cautious.
Schlegel’s comments make clear that the central bank will maintain its reliance on traditional reserve assets like gold and major foreign currencies unless broader conditions change.
Under Swiss law, the referendum campaign must gather 100,000 valid signatures within 18 months to force a national vote. If successful, the initiative could mark one of the first serious efforts globally to mandate a central bank to hold Bitcoin via legislation.
For now, the SNB remains unconvinced, maintaining that the price instability and liquidity challenges surrounding digital assets are too significant to ignore.
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