Why Switzerland’s Bank Said “No Thanks” to Bitcoin (And Probably Enjoys Paper Money More)

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In a move that surprised exactly no one who’s ever seen a spreadsheet, the Swiss National Bank’s chief, Martin Schlegel, gave a polite but firm thumbs down to the idea of stuffing their reserves with Bitcoin—because apparently, when things get macroeconomically “interesting,” you really want your money in something less like digital magic pixie dust and more like boring old gold or, you know, actual money.

Reported on April 25th by Reuters (a news source known for its endless enthusiasm about economic thrillers), Schlegel declared at a shareholders’ meeting in Bern that “cryptocurrency cannot currently fulfil the requirements for our currency reserves.” Translation: Bitcoin can’t hold a candle to Swiss punctuality and reliability.

On the other side of this stone-faced currency debate, Luzius Meisser—board member at Bitcoin Suisse and part-time crusader for all things pixelated money—argued Bitcoin is the shining beacon for a world drifting away from the almighty dollar and disintegrating euro, because if the world is getting multipolar, the Swiss want their reserves to act like a 5-star Swiss Army knife.

Of course, this isn’t the first time Schlegel has dashed dreams of crypto-conquests. Earlier in March, he cited stability, liquidity, and security risks—code words for “I prefer my banks without existential drama.”

Switzerland’s Quest to Put Bitcoin in Its Constitution (Really)

In a plot twist worthy of any Hitchhiker’s Guide to the Galaxy-style bureaucratic adventure, the Swiss Federal Chancellery decided that if they’re going to get fancy, why not propose a constitutional amendment? Yes, the Swiss plan to legally require the National Bank to hold some Bitcoin on its balance sheet—provided enough folks (100,000 signatures, to be exact) show up and say “sure, why not?”

Campaign poster or a very enthusiastic Bitcoin enthusiast

Currently, Article 99 of the Swiss constitution states:

“The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold.”

The proposed edit, which might make Swiss bankers spit out their coffee, is to tack on “and in Bitcoin.” End of story—or beginning of a very volatile one.

This high-stakes effort is powered by 2B4CH, a nonprofit exactly as Swiss as fondue and punctual trains, with a little help from Tether’s VP of energy and mining, Giw Zanganeh. Because nothing says “serious currency change” quite like a splash of stablecoin executives stirring the pot.

The Campaign Rolls On Like a Slow-Moving Glacier

According to Meisser, Bitcoin is basically the anti-politician currency. While politicians are prone to the ancient art of “printing money to fund our whims,” Bitcoin stands there, resolutely deflating their hopes for inflationary shenanigans. Yves Bennaïm, founder of 2B4CH, added with typical Swiss modesty:

“We’re not saying dump everything into Bitcoin, but if you’ve got close to a trillion Swiss francs in reserves, having 1-2% in something that’s climbing in value, getting safer, and everyone’s desperate to possess—well, that just sounds like common sense, doesn’t it?”

In case you missed it, Switzerland is basically the blockchain capital of the universe, with its so-called “Crypto Valley” in Zug (yes, that’s a real place) where Ethereum took its first toddler steps. Recently, even grocery giant Spar decided to let Swiss shoppers pay in Bitcoin, because why not buy cheese with futuristic money?

Crypto Valley’s valuation cruising past $593 billion in 2024, complete with 17 shiny crypto unicorn startups born last year, just confirms what everyone already knew: Switzerland’s secret weapon is apparently turning mountains of code into mountains of cash.

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2025-04-25 17:32