While the United States is making a national crypto reserve a reality, Switzerland is taking a different path. The Swiss National Bank (SNB) has made it clear that it has no plans to adopt Bitcoin (BTC) as a reserve asset.
Bitcoin Deemed Too Unstable as a Reserve Asset, Says SNB President
Martin Schlegel, President of the Swiss National Bank, does not see Bitcoin as a viable reserve asset. According to him, the cryptocurrency is too volatile, difficult to trade, and technically vulnerable. This stance directly opposes proposals suggesting that BTC should be integrated into the country’s national reserves.
For Schlegel, the key issue is stability.
“Bitcoin and other digital currencies are simply too unpredictable,” he explained in an interview with Swiss media.
Additionally, the SNB’s reserves must be readily available when needed, and according to Schlegel, BTC fails in this regard due to its limited liquidity.
The technological aspect of Bitcoin also raises concerns for the SNB. Since the network is entirely software-based, Schlegel sees risks from programming errors and security vulnerabilities.
“We all know that software can have weaknesses,” he added.
For now, Bitcoin will not be included in Switzerland’s national reserves. However, this stance could shift in the future.
A National Referendum Could Change SNB’s Stance
Despite the SNB’s rejection, a proposal is on the table to incorporate Bitcoin into Switzerland’s reserve assets. The Swiss non-profit organization 2B4CH is working to trigger a national referendum that would require the SNB to hold a portion of its reserves in BTC. To move forward, the initiative needs 100,000 signatures, with a deadline set for June 2026.
Switzerland has a long-standing reputation as a crypto-friendly country. Cities like Lugano have already embraced Bitcoin for various transactions. However, Schlegel does not perceive the crypto market as a threat to the Swiss franc, stating that the industry remains a niche sector for now.
If the referendum gains enough support, the SNB could ultimately be compelled to include Bitcoin in its reserves, marking a major shift in Switzerland’s financial strategy.
