24/7 Cryptocurrency News

Swiss National Bank Says It Has No Plans to Add Bitcoin As A Reserve Currency

Published by
Swiss National Bank Says It Has No Plans to Add Bitcoin As A Reserve Currency

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.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025
  • 24/7 Cryptocurrency News

FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading

FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…

October 2, 2025
  • Bitcoin News

Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000

JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…

October 2, 2025
  • 24/7 Cryptocurrency News

Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand

Derivatives exchange CME Group has announced plans to begin offering 247/7  crypto futures and options…

October 2, 2025