Swiss Bank Snubs Bitcoin: “Too Volatile, Too Risky, Too Silly!”

by

In a move that left crypto enthusiasts clutching their digital wallets in despair, the Swiss National Bank has firmly rejected the idea of a Bitcoin reserve. 🏦💔 Martin Schlegel, the bank’s chief, delivered the blow with the finesse of a Swiss watchmaker, citing market volatility, security threats, and the general air of chaos that seems to follow cryptocurrencies like a bad smell. 🕰️💨

This rejection comes hot on the heels of Donald Trump’s enthusiastic embrace of all things crypto, leaving one to wonder if the Swiss are simply too refined for such speculative shenanigans. 🇺🇸🤔 Let’s dive into the Swiss National Bank’s uniquely unimpressed stance on digital assets as the world scrambles to jump on the crypto bandwagon. 🚂💨

Swiss National Bank: “No Bitcoin for Us, Thanks!”

In a statement that could only be described as dripping with Swiss precision, Martin Schlegel declared, “We do not have plans to buy crypto assets.” 🎯💼 He went on to explain that the bank’s foreign-exchange reserves are strictly reserved for supporting monetary goals, and Bitcoin, with its wild price swings and penchant for drama, simply doesn’t make the cut. 📉🎭

Schlegel also raised concerns about the liquidity of cryptocurrencies and their “software-based” nature, which makes them prone to technological hiccups. 🖥️🤷‍♂️ In a particularly cutting remark, he noted, “For example, it’s the preservation of value. And as you know, crypto currencies have large fluctuations in value, so this is not a given.” 💸🤡

Will Switzerland Ever Warm Up to Bitcoin?

In December 2024, the Swiss Federal Chancellery floated the idea of a Bitcoin reserve, inspired by Donald Trump’s own crypto ambitions. 🇨🇭📜 The proposal, which followed a failed attempt in 2021, has sparked a campaign to collect 100,000 signatures for a nationwide referendum. If successful, the Swiss National Bank might be forced to reconsider its skeptical stance. 📝🤞

Meanwhile, Pakistan is making strides in the crypto world, with the Pakistan Crypto Council CEO Bilal Bin Saqib announcing plans for a comprehensive legal framework to foster growth and adoption. 🇵🇰💡

The Global Race for Crypto Reserves

Countries around the globe are racing to embrace crypto reserves, spurred on by Donald Trump’s crypto policies. 🌍🏃‍♂️ Russia, Brazil, and Poland are all exploring the potential of a Bitcoin reserve, while North Korea has quietly become the fourth-largest BTC holder, flipping Bhutan and El Salvador in the process. 🇰🇵📈 This has led to speculation that even the Hermit Kingdom might be considering a Bitcoin reserve. 🕵️‍♂️💼

Read More

2025-03-21 03:42