Swiss National Bank (SNB) President Martin Schlegel reportedly does not 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 the 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 is not 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.
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 have bugs and other weak points.” While Schlegel acknowledged that the crypto market secures nearly $3 trillion worth of value, he stated that the industry remains a “niche phenomenon” compared to the broader financial system. The Swiss central bank president added that he does not see Bitcoin or crypto potentially dethroning the Swiss franc either: “We’re not afraid of competition from cryptocurrencies.”
2B4CH’s proposal was set in motion by the Swiss Federal Chancellery on Dec. 31, where it will need to obtain 100,000 signatures to be put to a public referendum. They have until June 30, 2026, to obtain the 100,000 signatures — around 16 months from now. Switzerland boasts a population of 8.97 million, meaning about 1.11% of locals must sign the petition.
Despite Schlegel’s criticisms, Switzerland is one of the leading countries for Bitcoin adoption — particularly in the city of Lugano, where the annual “Plan ₿” conference is held. A Bitcoin reserve is currently being considered in the US, Czech Republic, and Hong Kong, while El Salvador continues to stack at least one Bitcoin to its treasury, which launched in September 2021. Poland recently ruled out the possibility of making Bitcoin a reserve asset.