Swiss National Bank Chairman Not Convinced on Holding Bitcoin as Reserve Currency
The chairman of the Swiss National Bank (SNB) has sparked a debate by expressing his reservations about holding Bitcoin as a reserve currency. Thomas Jordan, speaking at the central bank’s annual general meeting, highlighted the challenges of investing in the volatile cryptocurrency.
Jordan emphasized the importance of currency reserves being liquid and sustainable, raising concerns about the ability to buy and sell Bitcoin easily. This stance has disappointed crypto stakeholders who have been advocating for the SNB to diversify its reserves by including Bitcoin.
Luzius Meisser, chairman of Bitcoin Suisse, made a compelling case for the SNB to consider investing in Bitcoin. He argued that holding the cryptocurrency could strengthen the Swiss franc and enhance the independence of the central bank.
Despite the growing interest in Bitcoin, the top-ranked crypto asset has experienced a slight dip in its price, currently trading at $63,002. This development comes at a time when the cryptocurrency market is experiencing heightened volatility.
The debate over whether the SNB should hold Bitcoin as a reserve currency continues to divide opinions. While some believe it could be a strategic move to safeguard against economic uncertainties, others remain cautious due to the inherent risks associated with cryptocurrencies.
As the crypto market evolves, it will be interesting to see how central banks like the SNB navigate the complex landscape of digital assets. Stay tuned for more updates on this developing story.
