The Swiss National Bank (SNB) disapproves the idea of holding Bitcoin (BTC) as a reserve currency. SNB Chairman, Thomas Jordan gave a statement that indicates that the bank is currently against buying and holding world’s biggest crypto currency Bitcoin.
Thomas said at the central bank’s annual general meeting that the bank has the resources to buy Bitcoin directly or buy investment products based on Bitcoin with ease.
SNB can arrange the technical and operative conditions swiftly whenever they are convinced that Bitcoin should be a part of the bank’s balance sheet, according to Thomas.
Moreover, Thomas even went on to say that “From the current perspective we do not believe bitcoin meets the requirements of currency reserves, that’s why we have until now decided not to have bitcoin on our balance sheet.”
Anti-climate change activists protested outside the meeting venue, held in Bern, in demands of ending SNB’s investment in companies they say are contributing to global warming through carbon emissions.
“The Swiss National Bank invests billions in the fossil fuel industry every year” Nora Scheel from the group Campax commented.
The SNB has 937 billion in foreign currency investments right now, and has reduced its investment in energy and fossil fuel companies from 10% of its holdings to around 3% to 4%, according to Thomas.
It is clear that SNB is not interested in buying or holding BTC right now, but could take quick measures to do so someday. However, there are other banks who believe that Bitcoin and other cryptocurrencies are the way to the future. A plethora of banks have adopted crypto friendly regulations including Goldman Sachs which announced its first Bitcoin-backed loan implying that crypto is the future.
