Swiss National Bank (SNB) President Martin Schlegel has dismissed the idea of adding Bitcoin to Switzerland’s reserve assets, highlighting concerns over volatility, liquidity, and security.
Schlegel’s stance contrasts with a proposal from Swiss Bitcoin advocacy group 2B4CH, which aims to amend the constitution to require the SNB to hold Bitcoin as part of its reserves.
Speaking to Swiss media outlet Tamedia, Schlegel emphasized Bitcoin’s price fluctuations as a major drawback, making it unsuitable for preserving the value of the central bank’s holdings.
“Our reserves must also be highly liquid so they can be accessed swiftly when needed for monetary policy,” he stated in a March 1 interview.
He further expressed concerns about the technological risks associated with cryptocurrencies, pointing out their reliance on software, which could be vulnerable to bugs and security flaws:
“We all know that software can have bugs and weaknesses.”
Despite acknowledging the crypto market’s valuation nearing $3 trillion, Schlegel maintained that digital assets remain a “niche phenomenon” in comparison to traditional financial systems. He also dismissed the idea that Bitcoin could challenge the dominance of the Swiss franc.
“We have no fear of competition from cryptocurrencies,” he added.
The proposal from 2B4CH was officially submitted to the Swiss Federal Chancellery on Dec. 31, requiring 100,000 signatures to qualify for a public vote. The initiative has until June 30, 2026, to meet this threshold, representing about 1.11% of Switzerland’s population of 8.97 million.
Despite Schlegel’s reservations, Switzerland remains a stronghold for Bitcoin adoption, particularly in Lugano, which hosts the annual “Plan ₿” conference.
Globally, the idea of Bitcoin reserves is gaining traction in the US, Czech Republic, and Hong Kong, while El Salvador continues its strategy of regularly adding Bitcoin to its treasury. Meanwhile, Poland recently ruled out Bitcoin as a reserve asset.
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