Bitcoin In Reserve? Not A Question, Asserts The Swiss National Bank!

Does bitcoin have a place in national reserves? For the Swiss National Bank, the answer is clear: no. Between excessive volatility and lack of liquidity, the SNB rejects the idea of incorporating cryptocurrency into its balance sheet, despite pressure from bitcoin advocates.

Swiss schizophrenia: between bitcoin innovation and conservatism

While the White House opens its doors for a historic summit on March 7 , Switzerland offers a contrasting spectacle.

On one hand, cities like Lugano or Zug flirt with the crypto utopia, transforming the franc into a virtual stablecoin. On the other, the SNB stands firm, hammering that bitcoin remains a “niche phenomenon”.

Schlegel does not mince words: “Too unstable, too fragile, too… software.” An astonishing admission in a country where private banks manage fortunes in far more opaque assets.

Yet, behind these technical arguments lies a visceral mistrust. For the SNB, accepting bitcoin as a reserve would legitimize an uncontrollable currency.

“The Swiss franc is not afraid of competition,” assures Schlegel. Really? Between the lines, one can sense a fear: the fear of seeing digital gold erode the prestige of a safe-haven currency. Ironically, the franc, backed by 40% gold, rejects an asset often compared… to the precious metal.

The political tug-of-war intensifies. Against the SNB, the 2B4CH initiative attempts to impose bitcoin through a referendum. The goal: to collect 100,000 signatures by 2026. A symbolic number in a country where 1.11% of the population is enough to shake institutions.

But Schlegel remains unfazed: “Software bugs are not part of our monetary policy.” An argument that sounds like a refusal to plunge into the unknown.

War of symbols: Switzerland, a mirror of a divided world

This debate goes beyond the Alps. El Salvador bets everything on bitcoin, the Czech Republic hesitates, Poland closes the door.

Switzerland embodies a paradox: a pioneer of cryptos in private, a guardian of orthodoxy in public. Schlegel recognizes it in so many words: “The market is worth 3 trillion, but remains marginal.” Marginal? Not for the 15% of Swiss who already hold cryptos, according to a recent study.

The question of reserves is just a smokescreen. What is at stake here is the narrative battle of the 21st century. On one side, central banks defend their secular monopoly. On the other, crypto-evangelists wave decentralization as a banner. Does the SNB really fear “bugs”… or the loss of financial narrative?

Proof that the lines are shifting: the timing. While Trump prepares his crypto summit, Switzerland hardens its tone. Coincidence? Not sure. In rejecting bitcoin, Schlegel sends a message to the giants: “Sovereign currencies remain in control.” Yet, history proves the immutable wrong. Gold was once an innovation. The dollar was too.

There remains the thorny question of liquidity. “Our reserves must be mobilizable in the event of a crisis,” insists Schlegel. A weak argument against stablecoins or Bitcoin ETFs, which turn digital gold into a fungible asset in a few clicks. What if the real illiquidity was that… of mindsets?

The SNB’s “no” resembles an admission of powerlessness. Powerlessness to control the uncontrollable. To tame an asset that, by design, escapes central bankers. By refusing bitcoin, Switzerland preserves its monetary order… but misses the train of a revolution despite the panic that has reached critical levels.