Swiss National Bank (SNB) President Martin Schlegel has firmly rejected proposals to include Bitcoin in Switzerland’s reserve assets.
Advocates, including nonprofit 2B4CH, seek a constitutional mandate requiring SNB to hold Bitcoin. Schlegel, however, criticised cryptocurrencies for volatility, illiquidity, and security risks, calling them unfit for stabilising national reserves. Meanwhile, the initiative needs 100,000 signatures by June 2026 to trigger a referendum.
Volatility and Liquidity Concerns
Schlegel emphasised Bitcoin’s price instability undermines long-term value preservation. “Cryptocurrencies lack essential traits of reliable currencies,” he told Tamedia. Additionally, he highlighted liquidity challenges, stressing reserves must be swiftly deployable for monetary policy.
Despite crypto’s $2.8 trillion market cap, Schlegel labelled it a “niche phenomenon” compared to traditional finance. His stance clashes with 2B4CH’s push, which argues Bitcoin strengthens financial sovereignty.
Security Risks and Technical Flaws
The SNB president also flagged inherent vulnerabilities in blockchain systems. “Software can have bugs,” he warned, noting technical weaknesses threaten asset security. Moreover, he dismissed fears of crypto overshadowing the Swiss franc, stating, “We’re not afraid of competition.”
While Bitcoin adoption grows locally, as evidenced by Lugano’s “Plan ₿” summit, Schlegel reiterated SNB’s role excludes promoting cryptocurrencies. Critics counter that dismissing innovation risks Switzerland’s fintech leadership.
Swiss Bitcoin Initiative Aims to Force National Dialogue
A grassroots campaign led by 2B4CH and internet pioneer Yves Bennaïm seeks to amend Switzerland’s constitution, mandating SNB reserves include Bitcoin and gold. Launched in December 2023, the proposal requires 100,000 signatures. Which is 1.11% of Switzerland’s population for it to advance.
Organisers frame it as sparking discourse, not immediate policy change. “The goal is debate,” Bennaïm told NZZ am Sonntag. If successful, Switzerland could join global experiments redefining reserve assets.
Global Reserve Asset Race
While Switzerland debates, other nations actively explore Bitcoin reserves. El Salvador continues accumulating Bitcoin since its 2021 legal tender law.
Poland recently ruled out crypto reserves, echoing SNB’s caution. The U.S., Czech Republic, and Hong Kong also evaluate possibilities. Meanwhile, Schlegel’s dismissal shows a broader institutional hesitancy.
Yet, with Lugano embracing crypto payments, Switzerland embodies contrasting narratives: progressive local adoption versus conservative central banking.
A Nation Divided on Crypto’s Future
Schlegel’s rejection highlights enduring skepticism among traditional financiers. However, grassroots momentum signals shifting public sentiment. As the 2026 signature deadline looms, Switzerland faces a pivotal choice: preserve monetary tradition or embrace digital asset innovation.
For now, the SNB remains unmoved, asserting the Franc’s supremacy. Yet, with Plan ₿ conferences electrifying Lugano and global trends accelerating, the debate is far from settled.
