Swiss National Bank (SNB) Chairman Martin Schlegel strongly opposed integrating bitcoin into the institution’s currency reserves during its shareholder assembly in Bern on April 25, according to Reuters. As inflation fears and geopolitical shifts heighten economic uncertainty, cryptocurrency proponents have launched a referendum initiative, aiming to compel the SNB to diversify its assets by holding bitcoin alongside traditional gold reserves. They argue that such a move would protect Switzerland’s wealth against systemic risks, especially following market instability partly tied to U.S. President Donald Trump’s tariff policies.

Addressing the gathering, Schlegel dismissed the calls to embrace bitcoin as a reserve asset. He said:

Cryptocurrency cannot currently fulfil the requirements for our currency reserves.

Schlegel elaborated that the SNB’s currency reserve policy prioritizes assets with high liquidity, enabling rapid buying and selling of foreign exchange when necessary. He also pointed to the inherent volatility of cryptocurrencies, stating that they typically display “very, very high” fluctuations in value, which severely undermines their effectiveness for maintaining the resilience and stability of the bank’s reserves. These concerns continue to drive the SNB’s conservative stance on digital currencies despite mounting external pressure. While the SNB remains steadfast in its opposition, the referendum effort highlights an ongoing debate over the future structure of Switzerland’s monetary safeguards.

This was not the first time Schlegel expressed opposition to a strategic bitcoin reserve. Last month, he similarly told Bloomberg Television that the SNB has no plans to buy crypto assets, emphasizing that its foreign-exchange reserves are strictly for implementing monetary policy. He said digital currencies fail to meet essential requirements, such as the preservation of value, due to their significant price fluctuations. Schlegel also raised technical concerns, noting that cryptocurrencies are essentially software and vulnerable to bugs, further undermining their reliability.

Governments worldwide are increasingly engaging in discussions about establishing strategic bitcoin reserves, reflecting a significant shift in the perception of cryptocurrencies as potential national assets. In March, the United States took a pioneering step by creating a strategic bitcoin reserve, utilizing BTC seized in legal proceedings, and concurrently established a broader digital asset stockpile for other cryptocurrencies. This move has inspired similar considerations globally. Conversely, some nations remain cautious, rejecting proposals to include bitcoin in their reserves, citing concerns over volatility and liquidity.

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