Switzerland’s central bank, the Swiss National Bank, says buying and holding bitcoin as a reserve currency is not a problem for the bank. “We can arrange technical and operational conditions relatively quickly when we are convinced that we have to have bitcoin on our balance sheet,” explained the Swiss central bank chairman.
Swiss Central Bank on buying and holding bitcoin as a reserve currency
The Swiss National Bank may buy and hold bitcoin as a reserve currency if the cryptocurrency meets the bank’s currency reserve requirements, Chairman Thomas Jordan said at the central bank’s annual general meeting Friday.
The head of Switzerland’s central bank was quoted by Reuters as saying,
Buying bitcoin is not a problem for us. We can either do it directly or we can buy bitcoin-based investment products.
However, he noted, “But from the current perspective, we don’t think bitcoin meets the requirements of foreign exchange reserves. That’s why we have so far decided not to have bitcoin on our balance sheet.”
Nevertheless, he emphasized:
We can arrange technical and operational conditions relatively quickly when we are convinced that bitcoin should be on our balance sheet.
An increasing number of corporations are holding bitcoin on their balance sheets, while more and more countries are setting the stage to make BTC a legal currency.
Last September, El Salvador adopted bitcoin as legal tender along with the U.S. dollar, and recently the Central African Republic made cryptocurrency the official currency.
Meanwhile, more and more people expect the U.S. dollar to lose its dominance, aided by the war between Russia and Ukraine. The author of “Rich Dad, Poor Dad” Robert Kiyosaki, for example, has repeatedly warned of the end of the U.S. dollar. Famous investor Jim Rogers also warned in March about the end of the U.S. dollar.
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