Swiss National Bank Rejects Bitcoin as Reserve Asset

Martin Schlegel, head of the Swiss National Bank (SNB), has dismissed the idea of incorporating Bitcoin into the country’s reserves, citing its high volatility and inability to fulfill existing reserve requirements. According to Reuters, this decision follows a December initiative by proponents seeking to amend the Swiss constitution for a Bitcoin inclusion. This proposed amendment needs 100,000 signatures to advance before June 30th. This comes after a similar attempt in 2021 failed, but optimism is rising amongst pro-crypto advocates that the momentum in the US may translate to Switzerland.