Bitcoin isn't a worthy reserve asset, Swiss central bank president says: Report
Swiss National Bank President Martin Schlegel said Bitcoin is too volatile and lacks sufficient liquidity to be a reserve asset, which is currently being proposed in Switzerland.
Swiss National Bank (SNB) President Martin Schlegel reportedly doesn’t want to make Bitcoin a reserve asset in Switzerland — citing a lack of stability, liquidity concerns and security risks.
Schlegel’s position opposes a proposal from Swiss Bitcoin nonprofit think tank 2B4CH and other Bitcoin advocates to constitutionally mandate SNB to hold Bitcoin (BTC) on its balance sheet.
Schlegel first told Swiss local media outlet Tamedia that Bitcoin and other cryptocurrencies are too volatile, which isn’t conducive to maintaining the value of SNB’s investments.
Read more
