While the adoption of Bitcoin and cryptocurrencies is increasing worldwide, Switzerland continues to maintain its strict stance.
Despite the example Bitcoin move from the US, the Swiss National Bank, which does not give up its strict stance on Bitcoin, rejects BTC reserve plans.
The latest statement came from Martin Schlegel, Vice President of the Swiss National Bank (SNB).
Martin Schlegel stated that his views on BTC have not changed and said it does not meet the bank's asset criteria.
Schlegel stated that the Swiss National Bank allocates significant amounts of euros and dollars instead of Bitcoin for diversified investments.
“Bitcoin is not a suitable investment vehicle for SNB reserves.
Its volatility is very high. I also believe that the long-term value of Bitcoin is nearly zero. I still do not know what purpose Bitcoin serves.”
Martin Schlegel had previously made similar statements and rejected the idea of Bitcoin reserves. The main reasons for their opposition to the idea of Bitcoin reserves were BTC's volatile nature, security concerns, and regulatory uncertainty. Schlegel stated, “We have no plans to purchase crypto assets.”
Stay tuned for current developments.
