Swiss National Bank Chairman Thomas Jordan remains cautious about the prospect of acquiring bitcoins, emphasizing concerns over potential drawbacks such as carbon emissions.
Despite mounting pressure from advocates urging a revision of Swiss legislation to permit cryptocurrencies in the bank’s reserves, Jordan asserted that integrating bitcoin alongside its existing assets—gold, foreign currencies, bonds, and shares—requires careful consideration.
“We have not yet decided that we want to invest in bitcoin. Actually for good reasons,” Jordan remarked at the central bank’s AGM, underlining the importance of liquidity, sustainability, and marketability in currency reserves.
He stressed the necessity for reserves to facilitate international payments efficiently.
A campaign group advocates for the inclusion of bitcoin in the SNB’s reserves, proposing to subject the matter to a referendum.
The group contends that embracing bitcoin would bolster Swiss sovereignty, neutrality, and diversify the bank’s investment portfolio.
Luzius Meisser, a proponent from cryptocurrency broker Bitcoin Suisse, criticized the SNB’s investment strategy, highlighting losses incurred from government bond investments compared to potential gains from bitcoin. “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 asserted during the meeting.
Meisser emphasized the enduring value proposition of bitcoin, contrasting it with fiat currency.
He posed a rhetorical question to the audience, illustrating the longevity and resilience of bitcoin as an asset: “Imagine you had the possibility to send something of value to your great-grandchildren in the year 2099. Would you prefer them to get 50,000 euros or a hard bitcoin? To me, the choice is clear.”