Does Bitcoin have its place in national reserves? For the Swiss National Bank, the answer is clear: it's no. Between excessive volatility and lack of liquidity, the BNS rejects the idea of integrating the cryptocurrency into its assessment, despite the pressure of the Bitcoin defenders.
Swiss schizophrenia: between bitcoin innovation and conservatism
While the White House opens its doors for a historic summit on March 7, Switzerland offers a contrasting show.
On the one hand, cities like Lugano or Zug flirt with crypto utopia, transforming the franc into a virtual stable. On the other, the BNS camps on its positions, hammering that Bitcoin remains a “niche phenomenon”.
Schlegel Do not chew his words: “Too unstable, too fragile, too … software”. An astonishing admission in a country where private banks manage fortunes in much more opaque active.
However, behind these technical arguments nestles visceral mistrust. For the BNS, accepting the bitcoin in reserve would amount to legitimizing a currency outside control.
“The Swiss franc is not afraid of competition,” says Schlegel. Really ? Between the lines, we guess a fear: that of seeing digital gold nibble on the prestige of a refuge currency. Ironically, the franc, backed by 40 % gold, rejects an often compared asset … with precious metal.
The political showdown intensifies. Faced with the BNS, the 2B4CH initiative tries to impose bitcoin by referendum. Objective: to collect 100,000 signatures by 2026. A symbolic figure in a country where 1.11 % of the population is enough to make institutions tremble.
But Schlegel remains of ice: “Software bugs are not part of our monetary policy. An argument that sounds like a refusal to dive into the unknown.
Symbol war: Switzerland, mirror of a divided world
This debate goes beyond the Alps. El Salvador puts everything on Bitcoin, the Czech Republic hesitates, Poland closes the door.
Switzerland embodies a paradox: pioneer of private cryptos, guardian of orthodoxy in public. Schlegel recognizes it in a word: “The market is worth 3,000 billion, but remains marginal. »Marginal? Not for the 15 % Swiss who already have cryptos, according to a recent study.
The question of reserves is just a smoke screen. What is played out here is the twentieth century narrative battle. On the one hand, central banks defend their secular monopoly. On the other, the crypto-evangelists brandish decentralization as a standard. Does BNS really fear the “bugs” … or the loss of the financial narrative?
Proof that the lines move: timing. While Trump is preparing its crypto summit, Switzerland hardens the tone. Coincidence? Not sure. By rejecting Bitcoin, Schlegel sends a message to the giants: “The sovereign currencies remain masters. However, the story makes the unmmuctable people wrong. Gold was one day an innovation. The dollar too.
There remains the thorny question of liquidity. “Our reservations must be mobilized in the event of a crisis,” insists Schlegel. A weak argument in the face of stablecoins or Bitcoin ETF, which transform digital gold into fungible assets in a few clicks. What if real illiquidity was that … mentalities?
The “no” of the BNS looks like an admission of helplessness. Helplessness to control the uncontrollable. To domesticate an asset which, by design, escapes central bankers. By refusing Bitcoin, Switzerland preserves its monetary order … but misses the train of a revolution despite the panic that has reached a critical threshold.
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