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Swiss National Bank Dismisses Bitcoin as a Reserve Asset Due to Stability and Security Concerns
Swiss National Bank (SNB) President Martin Schlegel has rejected the notion of adding Bitcoin to Switzerland’s reserve assets, citing concerns regarding stability, liquidity, and security risks.
Schlegel’s position is at odds with a proposal from the Swiss Bitcoin nonprofit think tank 2B4CH, which seeks to constitutionally require the SNB to hold Bitcoin on its balance sheet.
The initiative, currently in its initial stages, has garnered support among crypto advocates pushing for increased institutional adoption.
SNB President Schlegel Points to Bitcoin Volatility as an Obstacle to Reserve Inclusion
In a March 1 interview with the Swiss media outlet Tamedia, Schlegel contended that Bitcoin’s volatility renders it an inappropriate reserve asset for the nation’s central bank.
“Our reserves must be highly liquid so they can be utilized quickly for monetary policy purposes if necessary,” he stated, underscoring that Bitcoin’s price fluctuations and market changes are inconsistent with the SNB’s financial strategy.
In addition to volatility concerns, Schlegel raised apprehensions regarding technical vulnerabilities associated with cryptocurrencies, asserting that since Bitcoin is software-based, it remains susceptible to bugs and security issues.
“We all understand that software can have bugs and other weaknesses,” he pointed out, reinforcing the claim that Bitcoin lacks the dependability required for central bank reserves.
Despite recognizing the crypto market‘s nearly $3 trillion valuation, Schlegel characterized Bitcoin as a “niche phenomenon” in comparison to the broader financial system.
He also rejected the idea that Bitcoin could rival the Swiss franc, stating, “We are not concerned about competition from cryptocurrencies.”
The 2B4CH initiative, which was officially launched by the Swiss Federal Chancellery on December 31, requires 100,000 signatures to qualify for a public referendum.
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The group has until June 30, 2026, to gather sufficient support—approximately 1.11% of Switzerland’s 8.97 million residents must sign the petition.
SNB chief expresses opposition to Bitcoin as a currency reserve

The head of the Swiss National Bank, Martin Schlegel, has voiced opposition to the acquisition of Bitcoin requested by an initiative. For the National Bank, cryptocurrencies present numerous challenges as an asset class. pic.twitter.com/eNjT8HW09w— Bitcoin Initiative
(@initiativeBTC) March 1, 2025
(@initiativeBTC) March 1, 2025Bitcoin Reserves in Other Countries
While Switzerland remains cautious, other nations are actively considering Bitcoin reserves.
El Salvador has been accumulating Bitcoin since September 2021, while the U.S., Czech Republic, and Hong Kong are contemplating similar policies. Conversely, Poland has recently ruled out the inclusion of Bitcoin in its reserves.
Despite Schlegel’s objections, Switzerland continues to be a center for Bitcoin adoption, especially in Lugano, which hosts the annual “Plan ₿” conference.
It’s noteworthy that several U.S. states, including Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas, have also introduced legislation that could allow them to hold Bitcoin and other cryptocurrencies as reserve assets.
More recently, lawmakers in Ohio introduced House Bill 116, aiming to prevent the state from imposing additional taxes on digital assets used for payments.
Meanwhile, Bitcoin is currently trading at approximately $86,000, remaining mostly unchanged over the past day.
According to analysts at Time To Trade, if Bitcoin breaks above $86,500 with strong volume, traders may witness a quick rally targeting $88,000, a psychologically significant round number and a point of interest for short-term speculators.
On the other hand, if the market faces increased selling pressure—especially with lower trading volume—Bitcoin could revisit the $84,000 level.
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