Swiss Bank Chief Says No to Bitcoin: Is It Too Risky for Reserves?

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Ah, the Swiss National Bank (SNB), that bastion of financial prudence, has once again turned its nose up at Bitcoin. According to the esteemed President Martin Schlegel, the idea of adding this digital currency to their reserves is about as appealing as a fondue pot full of expired cheese. 🧀

Price Swings Raise Concerns

Schlegel, in his infinite wisdom, pointed out that Bitcoin’s price is more unpredictable than a cat on a hot tin roof. One moment it’s soaring to dizzying heights, and the next, it’s crashing down faster than a toddler on a sugar high. Central banks, it seems, prefer their assets to be a bit more… stable. Who would have thought? 🤔

In recent years, BTC has been on a rollercoaster ride that would make even the most seasoned thrill-seeker queasy. While some investors see this as a golden opportunity, central banks are more like that cautious friend who refuses to go on the Ferris wheel. 🎢

Security Risks Add Another Layer Of Doubt

And let’s not forget about security! Bitcoin is as secure as a screen door on a submarine. Schlegel emphasized that the risks associated with this digital currency make it about as suitable for a central bank as a chocolate teapot. 🍫

SNB chief speaks out against Bitcoin as a currency reserve

The head of the Swiss National Bank, Martin Schlegel, has spoken out against the purchase of Bitcoin demanded by an initiative. For the National Bank, cryptocurrencies have several problems as an asset class.

— Bitcoin Initiative (@initiativeBTC) March 1, 2025

Over the years, the crypto world has been a veritable soap opera of hacks and scams. Despite its decentralized nature, Bitcoin has attracted more cybercriminals than a free buffet. The latest victim? Crypto exchange Bybit, which lost a staggering $1.5 billion in what experts are calling the biggest hack to date. Talk about a bad day at the office! đź’¸

Swiss Nonprofit Pushes For A Bitcoin Reserve

But wait! Not everyone is ready to throw in the towel. A nonprofit think tank called 2B4CH is rallying the troops to push for Bitcoin’s inclusion in the national reserves. They’re even suggesting a constitutional amendment! Because, you know, why not add a little chaos to the mix? 🥳

By June 30, 2026, this group must gather 100,000 signatures to get their proposal on the ballot. If they succeed, Swiss citizens will get to decide if they want Bitcoin in their reserves. It’s like a reality show, but with more paperwork! 📜

Other Countries Are Watching The Debate

Switzerland isn’t alone in this Bitcoin debate. El Salvador has been hoarding Bitcoin like it’s going out of style, while the Czech Republic and Hong Kong are also considering jumping on the bandwagon. Meanwhile, Poland is firmly in the “no thanks” camp, insisting that Bitcoin doesn’t provide the stability they crave. 🏦

For now, the SNB is sticking to its guns. While Bitcoin enthusiasts continue to sing its praises, Switzerland’s central bank remains firmly entrenched in the world of traditional assets. The discussion is far from over, but for now, Bitcoin’s inclusion in the Swiss reserves seems as likely as finding a snowman in the Sahara. ❄️

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2025-03-02 18:28