Swiss National Bank Rejects Bitcoin Reserve Amid Trump’s Crypto Push

The Swiss National Bank (SNB) has ruled out adding Bitcoin or any other digital assets to its reserves, despite U.S. President Donald Trump’s push for a national crypto reserve.

“We do not have plans to buy crypto assets,” SNB chief Martin Schlegel said in an interview with Bloomberg Television on Thursday. He cited high volatility, security concerns, and a lack of regulatory clarity as key reasons why the central bank remains opposed to holding digital currencies.

Crypto Doesn’t Fit SNB’s Monetary Policy

Schlegel emphasized that the SNB’s foreign-exchange reserves are strictly managed to support monetary policy objectives, and Bitcoin does not meet these criteria.

“For example, it’s the preservation of value,” Schlegel explained. “And as you know, cryptocurrencies have large fluctuations in value, so this is not a given.”

He also raised concerns about liquidity issues and potential security risks, arguing that digital assets are “basically software” and prone to vulnerabilities such as bugs and hacking risks.

Bitcoin Reserve Proposal Faces Swiss Public Vote

Despite the SNB’s stance, Switzerland may soon hold a national vote on whether to include Bitcoin in its central bank reserves. A popular initiative has been launched to require the SNB to hold Bitcoin, and if organizers collect 100,000 signatures by June 2026, the proposal will trigger a nationwide plebiscite.

While the SNB has shown interest in blockchain technology, particularly in its wholesale central bank digital currency (CBDC) pilot, Schlegel remains firm that crypto assets are not suitable for the central bank’s balance sheet. In November 2024, he dismissed Bitcoin as a “niche phenomenon” with limited practical use for a central bank.