The President of the Swiss National Bank (SNB), Martin Sheliel, rejected the calls of the Central Bank for Bitcoin in his reserves, noting fears of liquidity and severe fluctuations in encrypted currencies. SNB’s rejection of the increasing pressure from the advocates of the cryptocurrency, who argued that bitcoin could be a hedge against global economic risks.
During the SNB shareholders meeting in Bern, Schlegel stated that encrypted currencies fail to meet the strict requirements of the Central Bank of Currency Reserves. He stressed that the central bank needs assets that can be purchased and sold easily at any time to manage foreign exchange operations. Sildel noted that high fluctuations in the values of cryptocurrencies undermine its reliability as stable reserves.
Supporters of cryptocurrencies, however, do not retreat. An ongoing campaign to amend the Swiss constitution, aimed at calling SNB to include Bitcoin in its reserves, along with traditional assets such as gold. The movement has gained momentum, as supporters argue that bitcoin could provide diversification in light of increased economic instability, especially because of the definitions imposed by US President Donald Trump and wider global trade tensions.
One of the main characters behind this movement is Luzius Mayser, the founder of the Bitcoin Initiative. Speaking at the meeting, Meisser Bitcoin described as “one of the special assets” that could provide a valuable alternative to traditional government debt, especially in a world in which confidence in such debts may diminish. He acknowledged that Bitcoin may not be considered value in normal economic conditions, but he argued that he would carry a great value in a future scenario characterized by a multi -poles global system and a decrease in confidence in the bonds issued by the government.
Despite these arguments, Sildel remained firm in his position, noting that cryptocurrencies currently do not meet the necessary requirements that are part of the SNB currency reserves. The discussion continues with Switzerland’s struggle with the issue of how to move in the sophisticated global economic scene.
