Bitcoin Rejected by Swiss Bank President

Swiss National Bank Rejects Bitcoin for Reserves

• SNB President Martin Schlegel dismisses bitcoin due to volatility, liquidity, and security concerns.
• Schlegel emphasizes the need for highly liquid reserves for monetary policy purposes.
• A constitutional amendment initiative seeks to include bitcoin in SNB reserves alongside gold.
• The initiative requires 100,000 signatures within 18 months to trigger a nationwide vote.
• Despite growing cryptocurrency services in Swiss banks, Schlegel views it as a niche phenomenon.

Swiss National Bank President Martin Schlegel has rejected holding bitcoin in reserves, citing its volatility and lack of security. Meanwhile, an initiative aims to gather enough support for a vote on including bitcoin alongside gold in the bank’s reserves.