Despite the growing macroeconomic uncertainty, Bitcoin (BTC) still doesn’t have enough acceptance as the world’s reserve currency. The Swiss National Bank (SNB) has denied any plans of buying and holding BTC as the reserve currency.
During the central bank’s annual general meeting on Friday, April 29, Chairman Thomas Jordan said that they don’t have any plans to put Bitcoin on the bank’s balance sheet. Jordan added:
“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin. We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet”.
He further added that from the current perspective, Bitcoin doesn’t meet the criteria of currency reserves. Thus, they won’t be proceeding with any plan in this regard.
Bitcoin’s Growing Importance In Global Macro
Amid the global macroeconomic uncertainty, we have been seeing the U.S. slowly losing its stronghold as the world’s reserve currency. Furthermore, the current geopolitical situation is changing the dynamics of global trade bringing crypto to the forefront.
Amid current sanctions on Russia, global citizens want to have a currency free of government influence. Bitcoin becomes a natural choice for them in this case as it is free from financial boundaries. Despite Bitcoin’s multifold returns over the last decade, choosing it as a reserve currency comes with its own costs.
Bitcoin (BTC) still remains a very volatile asset class and closely follows the U.S. equity market. Thus, it has yet to prove as a true hedge in the market that can protect the investors’ wealth.
On the other hand, we have been seeing that Wall Street banking institutions have been growing their exposure to Bitcoin. Yesterday, Goldman Sachs announced offering a Bitcoin-backed loan to its clients becoming the first major U.S. bank to make this move.
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?