The Swiss National Bank is known exclusively for putting in robust measures to boost the value of the Swiss Franc. The Swiss currency is dubbed one of the strongest currencies to trade and interact with globally, boosting prospects for France to gain wider momentum. With Bitcoin gaining global prominence, several crypto stakeholders have been pushing SNB to explore BTC as a reserve currency. But SNB seems to have other plans.
While speaking at the bank’s annual meeting on Friday, Thomas Jordan, chairman of SNB, expressed his skepticism about Bitcoin, sharing his qualms about the digital asset.
Also Read: China and Russia Limit Trading In The US Dollar
No Bitcoin for Swiss Bank, adds Thomas Jordan, Chairman of SNB
The chairman of the Swiss National Bank, Thomas Jordan, has shared his novel view on Bitcoin. While speaking at the central bank’s annual general meeting, Jordan shared his qualms about adding Bitcoin as a reserve currency, outlining the flaws that BTC possesses.
The SNB chief stressed Bitcoin’s inability to be liquid, adding that currency reserves are supposed to be liquid and movable. Apart from mobility issues, Jordan pressed on the asset’s sustainability clause, pinpointing the token’s inability to act as a robust mode of payment.
“We have not yet decided that we want to invest in Bitcoin. Actually, for good reasons. Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them.” Jordan shared.
Swiss Campaigners Rally for Bitcoin Support
Several Swiss campaigners are echoing the pro-Bitcoin stance, pushing SNB to hold a part of its currency reserves in Bitcoin. Luiz Meisser, a staunch supporter and chairman of Bitcoin Suisse, shared how SNB has been juggling losses by investing money in dipping international bonds when it should have invested its share in the asset.
Also Read: Currency: Trump Unveils Plans To Boost The US Dollar
“I firmly believe that it would strengthen the Swiss franc and the independence of the Swiss National Bank if we spent less on loss-making government bonds and started holding bitcoin, Meisser shared.