The Swiss National Bank (SNB) has declined calls to add Bitcoin to its reserves, citing liquidity and volatility concerns. President Martin Schlegel stated cryptocurrencies don’t meet the SNB’s requirements. The stance is similar to the European Central Bank’s views on Bitcoin. Despite this, the SNB has indirect exposure to Bitcoin through investments in companies holding it. Meanwhile, the U.S. approaches Bitcoin reserves differently under President Trump.
The Swiss National Bank (SNB) has firmly rejected the idea of incorporating Bitcoin into its reserves, emphasising worries about the liquidity and volatility of the cryptocurrency market. SNB President Martin Schlegel made these remarks at the bank’s General Assembly event last Friday, as reported by CoinDesk.
Schlegel pointed out that while market liquidity might sometimes appear stable, it can quickly become questionable during crises. He noted, “Cryptocurrencies also are known for their high volatility, which is a risk for long-term value preservation. In short, one can say that cryptocurrencies for the moment do not fulfil the high requirements for our currency reserves.”
The comments were a direct response to the Bitcoin Initiative, which has been advocating for Bitcoin’s inclusion in Switzerland’s treasury. The Initiative argues that a small percentage of Bitcoin could boost the SNB’s investment returns with minimal additional volatility. Their studies suggest that a 1% allocation to Bitcoin since 2015 could have nearly doubled the SNB’s investment growth, with only a slight increase in annualised volatility.
This stance by the SNB mirrors that of the European Central Bank (ECB). ECB President Christine Lagarde has repeatedly called Bitcoin “worth nothing” and labelled it a highly speculative asset. She expressed doubt that Bitcoin would ever be included in the reserves of any central bank within the ECB. Similar sentiments have been echoed by central banks in Poland and Romania as well.
Notably, while the SNB explicitly rules out direct Bitcoin investments, it does have some indirect exposure. According to CoinDesk, the Swiss central bank holds shares in U.S. companies that maintain Bitcoin in their corporate treasuries. Fintel data indicates that the SNB owns significant stakes in companies such as Tesla and CleanSpark, which have Bitcoin on their balance sheets.
Just last month, Schlegel rejected proposals from citizens to add Bitcoin reserves. He also mentioned the ongoing pilot project on central bank digital currencies for interbank payments, indicating the SNB’s interest in exploring digital innovations.
In contrast, the United States, under President Donald Trump, has opted for a different path by establishing a strategic Bitcoin reserve and forming a Crypto Council to investigate ways to enhance U.S. digital reserves.
