Switzerland’s central bank flatly rejected cryptocurrency for reserves, citing wild price swings, legal fragility, and software flaws as global momentum builds toward digital assets.
Swiss National Bank Says No to Bitcoin Reserve—No Plans to Buy Crypto Assets
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
No Crypto for Now: Swiss Central Bank Rebuffs Digital Assets in Reserve Strategy
Swiss National Bank (SNB) Vice President Martin Schlegel clarified Thursday in Zurich that Switzerland’s central bank has no intention of adding bitcoin or other cryptocurrencies to its reserves. His statement came amid mounting international attention on digital assets, particularly after U.S. President Donald Trump recently advocated for the United States to establish a strategic crypto reserve. Despite the shift in sentiment from some political figures, Schlegel reaffirmed the SNB’s longstanding position against digital currency holdings.
Citing concerns over extreme price swings, insufficient safeguards, and a weak legal foundation, Schlegel told Bloomberg Television:
We do not have plans to buy crypto assets.
He emphasized that the SNB’s foreign-exchange reserves are strictly allocated for implementing monetary policy and that digital currencies fall short of supporting this role.
The central banker elaborated: “For example, it’s the preservation of value. And as you know, cryptocurrencies have large fluctuations in value, so this is not a given.” He also raised technical doubts, pointing out that cryptocurrencies “are basically software” and are susceptible to bugs, further undermining their reliability.
While the SNB remains opposed, the United States is heading in a different direction. President Trump has made a historic pivot by signing an executive order that creates a U.S. Strategic Bitcoin Reserve and a national digital asset stockpile, repurposing confiscated cryptocurrencies into a “digital Fort Knox.” This move reflects a broader federal shift toward embracing crypto infrastructure, with Congress currently advancing multiple bills aimed at integrating blockchain technologies into government systems. Moreover, multiple states are spearheading similar efforts, each proposing legislation to invest state funds into bitcoin and other digital assets. These developments contrast sharply with the SNB’s approach, which remains deeply skeptical of cryptocurrency’s role in central banking.
