Source: Cointelegraph
Original: “Swiss National Bank President Dismisses Calls to Include Bitcoin (BTC) in Reserves”
The Swiss National Bank (SNB) officials have dismissed calls to include Bitcoin (BTC) as a reserve asset to hedge against current macroeconomic turmoil.
According to a Reuters report on April 25, Swiss National Bank President Martin Schlegel stated today at a shareholders' meeting in Bern, "Cryptocurrencies currently do not meet our requirements for monetary reserves." This statement comes as the local cryptocurrency industry pressures for Bitcoin (BTC) to be included in the central bank's reserves.
Luzius Meisser, a board member of cryptocurrency broker Bitcoin Suisse and an activist, told Reuters, "As the world shifts towards a multipolar order, holding Bitcoin makes more sense." He noted that this demand has become more urgent amid the "continuous weakening of the dollar and euro."
This is not the first time Schlegel has opposed this proposal. Reports from early March quoted Schlegel saying he does not wish to see Bitcoin as a reserve asset for Switzerland, citing concerns over its lack of stability, liquidity, and security.
On December 31, 2024, the Swiss Federal Chancellery initiated a proposal to amend the constitution to authorize the Swiss National Bank to hold Bitcoin on its balance sheet. The proposal requires the collection of 100,000 signatures to trigger a national referendum in Switzerland.
The initiative seeks to amend the third paragraph of Article 99 of the constitution. The current text states:
"The Swiss National Bank shall create sufficient monetary reserves from its income; part of the reserves shall be held in the form of gold."
If the initiative is successful, the phrase "and Bitcoin" will be added at the end of this paragraph. The Swiss Bitcoin non-profit think tank 2B4CH is involved in this initiative, responsible for preparing and submitting the relevant documents. 2B4CH has connections with industry heavyweights, including Giw Zanganeh, Vice President of Energy and Mining at leading stablecoin issuer Tether, who participated in the launch of this initiative.
Meisser stated that holding Bitcoin would free the central bank from the political influence of its foreign exchange reserves (mainly in dollars and euros). He said, "Politicians will ultimately succumb to the temptation to fund their plans through money printing, but Bitcoin is a currency that cannot be inflated through deficit spending." Yves Bennaïm, founder and president of 2B4CH, told Reuters:
"We are not advocating for a full commitment to Bitcoin, but if the Swiss National Bank has nearly 1 trillion Swiss francs in reserves, then it makes sense to invest 1-2% of that in an asset that is continuously appreciating, becoming safer, and that everyone wants to own."
Switzerland is a hub for blockchain companies, with its "Crypto Valley" in Zug being the birthplace of Ethereum (ETH). The country continues to roll out cryptocurrency initiatives; earlier this month, global retail giant Spar launched a Bitcoin-based payment service in a city in Switzerland.
The valuation of Crypto Valley has exceeded $593 billion, showcasing the growth trajectory of the blockchain industry in the region for 2024. Last year, 17 cryptocurrency startup unicorns emerged in the area.
Related: Citigroup: Blockchain Technology May Experience an Application Wave Similar to the "ChatGPT Moment"
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