Swiss National Bank chairman rebuffs bitcoin as reserve asset

[groundloop]

Source: Reuters

BERN, April 25 (Reuters) - The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks.

Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves.

They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold.

SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern.

Read more: https://www.reuters.com/business/finance/swiss-national-bank-chairman-rebuffs-bitcoin-reserve-asset-2025-04-25/

[Old Crank]

1. According to Krugman

the only real value is for criminal activity and speculation.

Don't try to use it at Starbucks.

[William Seger]

2. If you can't convince a lot of people that bitcoin is a good investment...

... then it isn't. My advice is, don't take bitcoin advice from anyone who owns bitcoin.

[wolfie001]

3. So, we're back to 'The Spy Who Came in from the Cold' era

[Norrrm]

4. A volatile, unstable, wishful 'currency' with no assets or gov't support backing it.

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

Bitcoin is one of the very, very few that has made profit.
And that is only because people WANT to believe in it.
Even bitcoin has no real assets backing it.

BC is used as a fantastic example of crypto but it is a lucky outlier.

Hundreds of others have flopped.

[FakeNoose]

6. It's the world's biggest Ponzi scheme

Link: https://www.investopedia.com/terms/p/ponzischeme.asp

The only reason the Bitcoin Ponzi hasn't collapsed already is that they keep finding more new investors.
Sooner or later it will collapse. They always do.

[hueymahl]

5. In other news, Buggy whip manufacturers rebuff the automobile as a means of transportation

Of course bankers hate bitcoin and cryptocurrencies generally. It is a direct assault on their power.