SNB President Defends Bitcoin Exclusion, Stays Firm on Traditional Reserves

Martin Schlegel, the president of the Swiss National Bank (SNB), has staunchly refuted calls for the institution to hold Bitcoin in its reserves. In a clear statement at the SNB’s annual shareholders’ meeting, Schlegel emphasized that cryptocurrencies fail to meet the stringent reserve requirements established by the central bank. This stance underscores the SNB’s commitment to traditional assets like gold as part of its foreign exchange reserves.