The President of the Swiss National Bank (SNB), Martin Schlegel, confirmed that the bank has abandoned the idea of including Bitcoin in the country’s currency reserves. He justified this decision by citing the high liquidity and volatility risks associated with the cryptocurrency, stating that the digital asset market is subject to significant fluctuations, especially during crises. Schlegel emphasized that such characteristics do not meet the strict requirements of a central bank for assets.
This is reported by Finway
Meanwhile, the Bitcoin Initiative presented a study claiming that adding Bitcoin to the SNB’s portfolio could have nearly doubled returns since 2015. However, the activists noted that the increase in volatility would remain minimal. Despite this, Schlegel stressed that even high trading activity in Bitcoin cannot offset the risks associated with its long-term storage.
“Even high trading activity in Bitcoin does not compensate for the risks of its long-term storage,” Schlegel noted.
It is worth noting that the Bitcoin Initiative also pointed out that the United States has begun strategic accumulation of cryptocurrency, highlighting the network’s resilience even during periods of market stress. However, the organization speculated that the SNB’s rejection of Bitcoin may be politically motivated, as well as a desire to maintain good relations with the European Union.
European Union regulators continue to express negative assessments regarding Bitcoin. The head of the European Central Bank, Christine Lagarde, has repeatedly referred to it as a speculative asset linked to money laundering. In January 2025, she stated that Bitcoin would not be part of the reserves of EU central banks.
The Swiss National Bank already faces indirect risks by holding shares in companies that have Bitcoin on their balance sheets, including Tesla, MicroStrategy, and MARA Holdings. However, the SNB dismisses the possibility of direct investments in crypto assets, maintaining a cautious stance towards this new class of assets.
Despite the refusal to add Bitcoin to its reserves, the SNB continues to conduct technological experiments. Recently, Schlegel announced the launch of a pilot project using central bank digital currency for transactions between financial institutions.
As a reminder, the Swiss bank ZKB, with assets of $235 billion, recently opened trading in Bitcoin and Ethereum.