Swiss National Bank (SNB) President Martin Schlegel reportedly doesn’t want to make Bitcoin a reserve asset in Switzerland — citing a lack of stability, liquidity concerns and security risks.
Schlegel’s position opposes a proposal from Swiss Bitcoin nonprofit think tank 2B4CH and other Bitcoin advocates to constitutionally mandate SNB to hold Bitcoin (BTC) on its balance sheet.
Schlegel first told Swiss local media outlet Tamedia that Bitcoin and other cryptocurrencies are too volatile, which isn’t conducive to maintaining the value of SNB’s investments.
“Second, our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes if needed,” Schlegel told Tamedia on March 1.
Source: Bitcoin Initiative
Schlegel also pointed out that because Bitcoin and cryptocurrencies are run by software, they are inherently susceptible to bugs and technical vulnerabilities:
“We all know that software can…
