NEW: Unlock the Future of Finance with CRYPTO ENDEVR - Explore, Invest, and Prosper in Crypto!
Crypto Endevr
  • Top Stories
    • Latest News
    • Trending
    • Editor’s Picks
  • Media
    • YouTube Videos
      • Interviews
      • Tutorials
      • Market Analysis
    • Podcasts
      • Latest Episodes
      • Featured Podcasts
      • Guest Speakers
  • Insights
    • Tokens Talk
      • Community Discussions
      • Guest Posts
      • Opinion Pieces
    • Artificial Intelligence
      • AI in Blockchain
      • AI Security
      • AI Trading Bots
  • Learn
    • Projects
      • Ethereum
      • Solana
      • SUI
      • Memecoins
    • Educational
      • Beginner Guides
      • Advanced Strategies
      • Glossary Terms
No Result
View All Result
Crypto Endevr
  • Top Stories
    • Latest News
    • Trending
    • Editor’s Picks
  • Media
    • YouTube Videos
      • Interviews
      • Tutorials
      • Market Analysis
    • Podcasts
      • Latest Episodes
      • Featured Podcasts
      • Guest Speakers
  • Insights
    • Tokens Talk
      • Community Discussions
      • Guest Posts
      • Opinion Pieces
    • Artificial Intelligence
      • AI in Blockchain
      • AI Security
      • AI Trading Bots
  • Learn
    • Projects
      • Ethereum
      • Solana
      • SUI
      • Memecoins
    • Educational
      • Beginner Guides
      • Advanced Strategies
      • Glossary Terms
No Result
View All Result
Crypto Endevr
No Result
View All Result

Swiss National Bank President Reportedly Dismisses Bitcoin as Reserve Asset

Swiss National Bank President Reportedly Dismisses Bitcoin as Reserve Asset
Share on FacebookShare on Twitter

Here is the rewritten content in well-organized HTML format:

Swiss National Bank Rejected Holding Bitcoin in Reserves

Swiss National Bank (SNB) President Martin Schlegel has rejected the idea of holding bitcoin as part of Switzerland’s central bank reserves, citing a lack of stability, liquidity, and security.

According to local media, Schlegel expressed three primary concerns surrounding cryptocurrencies. The first is their volatility, which he believes makes them unsuitable for long-term value preservation.

Stability and Volatility

“Our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes if needed,” Schlegel explained, pointing to a lack of stability inherent in being software-based assets. “We all know that software can have bugs and other weak points.”

Liquidity and Security

The Swiss National Bank President’s words come amid a growing debate in Switzerland over the nascent asset class. A recent initiative is pushing for a constitutional amendment requiring the SNB to hold bitcoin in its reserves alongside gold, the article said.

Initiative to Hold Bitcoin in Reserves

The initiative, launched in December, led by entrepreneur Yves Bennaim, does not go into details when it comes to the bitcoin allocations but specifies it should be built up from the bank’s earnings. It has 18 months to collect 100,000 signatures in a bid to trigger a nationwide vote on the topic.

Switzerland’s Growing Acceptance of Cryptocurrencies

Despite Switzerland’s growing acceptance of cryptocurrencies, with various Swiss banks offering customers cryptocurrency-related services, Schlegel dismissed the asset class as a “niche phenomenon.” Currencies, he told Tamedia, have already been in competition, and Schlegel maintained the bank is “not afraid of competition from cryptocurrencies,” citing the continued strength of the Swiss franc.

Frequently Asked Questions

Q: Why did the Swiss National Bank reject the idea of holding bitcoin in its reserves?
A: The bank’s president, Martin Schlegel, cited a lack of stability, liquidity, and security in his decision.

Q: What are the three primary concerns surrounding cryptocurrencies according to Schlegel?
A: The three concerns are their volatility, lack of liquidity, and security.

Q: What is the initiative to hold bitcoin in reserves?
A: The initiative, led by entrepreneur Yves Bennaim, aims to require the SNB to hold bitcoin in its reserves alongside gold, but it does not go into details on the bitcoin allocations.

Q: What is the timeline for the initiative to collect signatures and trigger a nationwide vote?
A: The initiative has 18 months to collect 100,000 signatures to trigger a nationwide vote.

Q: How does the Swiss National Bank view the growing acceptance of cryptocurrencies?
A: The bank’s president, Schlegel, dismissed cryptocurrencies as a "niche phenomenon," citing the continued strength of the Swiss franc.

cryptoendevr

cryptoendevr

Related Stories

Sanctioned Russian Crypto Exchange Garantex Seized, Operators Charged With Money Laundering

Sanctioned Russian Crypto Exchange Garantex Seized, Operators Charged With Money Laundering

March 7, 2025
0

Here is the rewritten content in HTML format with all tags properly closed: Garantex, Russian Crypto Exchange, Taken Down by...

ADA, XRP, SOL Plunge as White House Backpedals on Trump’s Crypto Reserve Plan

ADA, XRP, SOL Plunge as White House Backpedals on Trump’s Crypto Reserve Plan

March 7, 2025
0

Here is the rewritten content: White House Official Backtracks on Cryptocurrency Reserve Plan Trump's Announcement Sparks Confusion and Criticism In...

BTC Staking Platform Core Seeks Further Institutional Reach With APAC Custodian Cobo

BTC Staking Platform Core Seeks Further Institutional Reach With APAC Custodian Cobo

March 7, 2025
0

Here is the rewritten content: Core and Cobo Team Up to Expand Institutional Reach in Asia-Pacific Region Core, the issuer...

As Crypto Summit Nears, White House Maintains Special Status for Bitcoin

As Crypto Summit Nears, White House Maintains Special Status for Bitcoin

March 7, 2025
0

President Trump's Order to Establish a Bitcoin Reserve: A New Era for the Crypto Industry? White House Official Clarifies Intentions...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Cryptocurrency News Live: Bitcoin & Ethereum Updates – Moneycontrol

Cryptocurrency News Live: Bitcoin & Ethereum Updates – Moneycontrol

July 10, 2025
Iran / US Retaliation & Correlation with Crypto 📈

Iran / US Retaliation & Correlation with Crypto 📈

July 10, 2025
Ether Rally To K Possible As ETF Flows, Futures OI Soar

Ether Rally To $3K Possible As ETF Flows, Futures OI Soar

July 10, 2025
Rex-Osprey Solana staking ETF doubles cumulative inflows to M on July 8

Rex-Osprey Solana staking ETF doubles cumulative inflows to $41M on July 8

July 10, 2025
BTR: AI, Compliance, and the Future of Mainframe Modernization

BTR: AI, Compliance, and the Future of Mainframe Modernization

July 10, 2025

Our Newsletter

Join TOKENS for a quick weekly digest of the best in crypto news, projects, posts, and videos for crypto knowledge and wisdom.

CRYPTO ENDEVR

About Us

Crypto Endevr aims to simplify the vast world of cryptocurrencies and blockchain technology for our readers by curating the most relevant and insightful articles from around the web. Whether you’re a seasoned investor or new to the crypto scene, our mission is to deliver a streamlined feed of news and analysis that keeps you informed and ahead of the curve.

Links

Home
Privacy Policy
Terms and Services

Resources

Glossary

Other

About Us
Contact Us

Our Newsletter

Join TOKENS for a quick weekly digest of the best in crypto news, projects, posts, and videos for crypto knowledge and wisdom.

© Copyright 2024. All Right Reserved By Crypto Endevr.

No Result
View All Result
  • Top Stories
    • Latest News
    • Trending
    • Editor’s Picks
  • Media
    • YouTube Videos
      • Interviews
      • Tutorials
      • Market Analysis
    • Podcasts
      • Latest Episodes
      • Featured Podcasts
      • Guest Speakers
  • Insights
    • Tokens Talk
      • Community Discussions
      • Guest Posts
      • Opinion Pieces
    • Artificial Intelligence
      • AI in Blockchain
      • AI Security
      • AI Trading Bots
  • Learn
    • Projects
      • Ethereum
      • Solana
      • SUI
      • Memecoins
    • Educational
      • Beginner Guides
      • Advanced Strategies
      • Glossary Terms

Copyright © 2024. All Right Reserved By Crypto Endevr