Swiss Bitcoin Fans Push for SNB to Include Crypto in Reserves
A group of Swiss Bitcoin enthusiasts has proposed that the Swiss National Bank (SNB) include Bitcoin in its reserves, alongside gold, to safeguard the country's sovereignty and neutrality. The initiative, set to be debated at the SNB's next general assembly, has sparked discussion about the Bitcoin price's role in central bank reserves.
The initiative, which has not been officially documented, suggests amending the SNB's charter to include 'and Bitcoin' alongside its current mention of gold. Luzius Meisser, a proponent of the initiative, argues that Bitcoin is more robust than investments denominated in euros or US dollars, as it is less susceptible to depreciation through inflation. Matthew Ferranti, a Harvard PhD student, has studied the potential benefits of central banks diversifying into Bitcoin, especially in case of sanctions risk.
Switzerland is open to Bitcoin, with some financial institutions and cantons allowing customers to buy and use it for payments, including taxes. However, Thomas Jordan, the president of the SNB's directorium, previously rejected the proposal to buy Bitcoin, citing that it does not meet the requirements for currency reserves and the lack of a legal basis for Bitcoin purchases. The SNB has been investing in currencies and stocks as part of its diversification strategy, making it one of the few central banks to invest in stocks. The success of the people's initiative remains uncertain, but the discussion around Bitcoin's role is growing, especially since Bitcoin spot ETFs have become more deeply rooted in the world's largest financial markets, including Yahoo Finance.
The Swiss National Bank is set to debate the inclusion of Bitcoin in its reserves at its next general assembly. While the initiative's success is uncertain, the discussion around Bitcoin's role in central bank reserves is growing, reflecting the cryptocurrency's increasing presence in global financial markets.
