SNB rejects the proposal to include Bitcoin in its reserves

The Swiss National Bank (SNB) has rejected the proposal to include Bitcoin in its reserves, while activists continue to push for constitutional changes. Martin Schlegel, president of the SNB, stated during a shareholder meeting in Bern that “cryptocurrency cannot currently meet the requirements for our currency reserves.” He had previously expressed his opposition in March, citing stability, liquidity, and security risks as reasons for rejecting Bitcoin as a national reserve asset.

Despite this, the constitutional amendment initiative is progressing. The Swiss Federal Chancellery has initiated a proposal that would require the SNB to hold Bitcoin in its reserves, with 100,000 signatures needed to trigger a referendum. Currently, the Constitution stipulates that the national bank's reserves should be derived from its income and include a portion in gold. If the initiative passes, the text will be amended to include “and in Bitcoin.” The non-profit organization 2B4CH supports this proposal, suggesting that 1-2% of reserves could be invested in Bitcoin given its increasing value.