Swiss National Bank Firm on No-Crypto Reserves Amidst Global Digital Asset Debate
The Swiss National Bank (SNB) has firmly reiterated its position against including Bitcoin or any other cryptocurrencies in its reserves. This announcement, delivered by Vice President Martin Schlegel in Zurich on Thursday, comes at a time when digital assets are garnering increasing international attention, particularly following recent advocacy from U.S. President Donald Trump for the United States to establish a strategic crypto reserve.
SNB’s Consistent Stance
Despite a shifting sentiment among some political figures, the SNB remains consistent in its cautious approach. Schlegel, addressing Bloomberg Television, stated unequivocally, “We do not have plans to buy crypto assets.” This stance reflects the SNB’s longstanding concerns regarding the inherent volatility, insufficient safeguards, and the nascent legal framework surrounding digital assets.
Concerns Over Volatility and Reliability
Schlegel highlighted the extreme price fluctuations associated with cryptocurrencies as a primary reason for the SNB’s reluctance. He emphasized that the bank’s foreign-exchange reserves are specifically designated for implementing monetary policy, a role for which digital assets are deemed unsuitable. “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 explained.
Beyond price volatility, Schlegel also expressed technical reservations. He characterized cryptocurrencies as “basically software” and thus susceptible to bugs, which further undermines their reliability as a stable reserve asset. This cautious approach contrasts with the growing interest in digital assets from other nations and figures.
Trump’s Pro-Crypto Stance and Global Context
U.S. President Donald Trump has recently advocated for the United States to establish a strategic crypto reserve. This move signals a potential shift in U.S. policy towards embracing digital assets. According to a White House fact sheet from March 6, 2025, the Trump administration has established a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. This includes a reserve capitalized with Bitcoin obtained through criminal or civil asset forfeiture proceedings. The administration views Bitcoin as “digital gold” and aims to position the U.S. as a leader in digital asset strategy.
While Switzerland remains hesitant, other countries are taking different approaches. El Salvador continues to accumulate Bitcoin, and nations like the US, Czech Republic, and Hong Kong are considering similar moves.
Switzerland’s Crypto Hub Status
Despite the SNB’s reluctance to hold cryptocurrencies, Switzerland remains a significant hub for crypto innovation. Lugano, in particular, is witnessing expanding Bitcoin adoption. This dichotomy highlights Switzerland’s nuanced position – fostering innovation while maintaining a cautious stance at the central bank level.
Initiatives and Debates
Interestingly, a Swiss Bitcoin think tank, 2B4CH, is pushing for a referendum to mandate Bitcoin as part of the SNB’s reserves. This initiative, launched in late 2023, requires 100,000 signatures by mid-2026 to proceed. This reflects an internal debate within Switzerland regarding the role of digital assets in the country’s financial future.
SNB’s Core Mandate
Schlegel emphasized that the SNB’s role is not to offer cryptocurrencies and that, compared to the global financial system, the market capitalization of all cryptocurrencies is relatively small. He reiterated that the SNB’s focus remains on maintaining the stability and value of the Swiss franc, a task for which digital assets are not currently considered suitable. The SNB prioritizes the liquidity of its reserves for rapid deployment in monetary policy implementation.
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Conclusion
The Swiss National Bank’s firm stance against including Bitcoin or other cryptocurrencies in its reserves underscores its commitment to financial stability and its concerns about the volatility and reliability of digital assets. While global interest in cryptocurrencies continues to grow, and some nations explore integrating them into their financial strategies, the SNB remains unconvinced. This position highlights the ongoing debate surrounding the role of digital assets in the global financial landscape. The bank’s focus remains on traditional financial instruments that align with its mandate of preserving value and ensuring monetary policy effectiveness. The future of digital assets in national reserves remains a topic of ongoing discussion and divergent approaches worldwide.
