26-4-2025 – Swiss National Bank (SNB) Chairman Martin Schlegel has rebuffed mounting pressure to incorporate bitcoin into the nation’s currency reserves, marking a clear position amidst growing debate over cryptocurrency’s role in national financial strategy.
The chairman’s firm opposition comes as cryptocurrency advocates push for a referendum aimed at compelling the SNB to diversify its holdings with bitcoin alongside traditional gold reserves. Their campaign emerges against a backdrop of economic uncertainty, fuelled by inflationary pressures and geopolitical tensions, including market disruptions partially attributed to Trump-era tariff policies.
Whilst the United States blazed a trail in March by establishing its inaugural strategic bitcoin reserve—utilising cryptocurrency seized through legal channels—Switzerland’s central bank remains unconvinced. Schlegel, who previously voiced similar concerns to Bloomberg Television, maintains that digital currencies fall short of meeting crucial reserve requirements, particularly regarding value preservation and technical reliability.
The SNB’s stalwart position stems from fundamental concerns about cryptocurrency’s suitability for national reserves. Schlegel emphasised that the bank’s reserve strategy demands highly liquid assets for swift foreign exchange transactions—a requirement he argues bitcoin cannot satisfy. The chairman highlighted the inherent software-based nature of cryptocurrencies, warning of potential technical vulnerabilities that could compromise their dependability.