No Bitcoin in Switzerland’s Reserves – What’s the Reason?

In an interview with Tamedia, he outlined why cryptocurrencies fall short as a viable reserve asset for state institutions. He identified three main concerns: their pronounced volatility, which prevents Bitcoin from being a stable investment; their insufficient liquidity, which limits their usefulness in shaping monetary policy; and their vulnerability to cyber threats, including hacking and fraudulent schemes.

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While digital assets continue to gain traction, Schlegel sees the cryptocurrency market as a specialized sector with limited influence on the broader financial landscape. He pointed out that the total market capitalization of all cryptocurrencies slightly exceeds 2 trillion Swiss francs—a figure that remains insignificant next to traditional financial markets. At the same time, he reaffirmed that the Swiss franc remains a pillar of stability and confidence for the public.

We’re not afraid of competition from crypto-currencies,

Martin Schlegel expressed.

Last December, a movement emerged advocating for Bitcoin’s inclusion in Switzerland’s national reserves, with plans to bring the issue to a nationwide referendum and possibly amend the Constitution to redefine the Swiss National Bank’s approach to reserve management. To proceed, proponents must collect 100,000 signatures. The proposal, however, remains deliberately vague on the proportion of reserves to be allocated to Bitcoin, entrusting that decision to the central bank’s leadership and future deliberations.

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