Swiss National Bank Reaffirms Bitcoin Reserve Rejection Amid Industry Push
The Swiss National Bank (SNB) has consistently rejected proposals to add bitcoin (BTC) to its official reserves, citing concerns over volatility, liquidity, and security. This stance was reaffirmed at the SNB’s April 2025 annual meeting, with Chairman Martin Schlegel emphasizing that only stable and highly liquid assets meet reserve requirements. Despite Switzerland’s thriving crypto sector and an ongoing campaign by Bitcoin proponents to trigger a national referendum for a constitutional amendment—backed by key industry figures—the SNB remains cautious. The campaign requires 100,000 signatures within 18 months. Advocates say holding bitcoin could help Switzerland hedge against political and currency risks, especially with the U.S. and other countries exploring bitcoin reserves. If successful, the referendum would still face significant legal and technical hurdles. The SNB’s persistent caution highlights the ongoing tension between traditional central bank policy and digital asset adoption, even as global and local crypto integration accelerates.
Neutral
The Swiss National Bank’s decision to exclude bitcoin from its reserves maintains the current status quo, with no immediate effect on BTC’s market price. While the campaign for a referendum signals ongoing industry momentum, the SNB’s resolute stance and the substantial legal and technical barriers mean any potential adoption remains distant and uncertain. The neutral categorization reflects the absence of immediate bullish or bearish triggers for bitcoin. However, the situation is noteworthy for long-term observers, as eventual policy shifts or a successful referendum could change Switzerland’s role in global crypto adoption.