- Swiss National Bank President Schlegel rejected Bitcoin for national reserves, citing volatility, liquidity concerns and security vulnerabilities.
- Swiss officials will hold a referendum on adding Bitcoin to national reserves if a100,000 signatures are reached by June 2026.
- Critics argue Bitcoin’s US$1.7 trillion market cap and unhacked record make it comparable to silver as a viable reserve asset.
- Franklin Templeton predicted continued crypto adoption in 2025, projecting several nations would add Bitcoin to their reserves.
2025 should’ve been the year when Bitcoin and other cryptocurrencies become part of national reserve assets – alas it’s not looking great at the moment, with several US states stopping reserve asset bills.
Related: Anti-Memecoin Law for US Politicians Proposed: Aptly Called MEME Act
Over in Europe, Martin Schlegel, the president of the Swiss National Bank (SNB) doesn’t think Bitcoin is worthy to be part of the Alpine nation’s reserves. Schlegel told the Tamedia newspaper group that he sees several issues with crypto as an asset class.
SNB President Not Afraid of Competition, But Doesn’t See Potential in Crypto
The SNB president argues that crypto is too volatile to be a long-term investment and also not liquid enough, an important feature for the bank.
Our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes if needed.
Martin Schlegel, Swiss National Bank PresidentHe also said that there are issues around crypto’s security as it’s essentially software which “can have bugs and other weak points”.
The last factor against considering crypto as a Swiss reserve asset is the size of the asset class, which Schlegel believes makes crypto a “niche phenomenon”.
Asked whether cryptocurrencies are a competition for the Swiss franc, Schlegel said that currencies have always competed with each other and that demand for the franc remains high, but they are not fazed by crypto.
We’re not afraid of competition from crypto-currencies.
Martin Schlegel, Swiss National Bank PresidentCantonal Council member Reto Keller criticised Schlegel’s comments on X, saying that not only is Bitcoin secure and has never been hacked, but it also has a market cap comparable to silver and is traded around the clock.
The market capitalization is 1.7 trillion dollars – almost identical to silver – and can be traded 24/7. The network has been running without interruption for over 10 years! […] The Bitcoin blockchain has never been hacked – unlike the SWIFT payment network.
Reto Keller, Cantonal Council memberHe added that the only valid point in Schlegel’s comments is Bitcoin’s volatility, which is a short-term issue, because “in the long term, Bitcoin rises”, Keller argued.
In December 2024 the Swiss Federal Chancellery set a proposal in motion for a public referendum about whether the SNB should add BTC to its reserves. The initiative needs 100,000 signatures – or roughly 1% of the Swiss population – by June 30, 2026.
2025 Could be Year of Crypto in Reserves, as Trump Makes Big Announcement
Franklin Templeton predicted in late 2024 that crypto adoption would continue in 2025, with “BTC reserves added by several nations”.
Bitcoin will solidify its position as a global financial asset acting as a digital store of value, accelerated by sovereign and institutional adoption.
Franklin TempletonThey also said that tokenisation, stablecoins, DeFi and DePIN would be the 2025 trends – which would be a welcome departure from the memecoin craze of recent times.
Related: Chainalysis Crypto Crime Report: Role of Crypto in “All Forms of Crime” Increasing
Recently, US President Donald Trump claimed that Bitcoin, Ethereum, Solana, XRP and Cardano would all be part of a crypto reserve in the United States.
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