Since October 2024, Martin Schlegel has been at the helm of the Swiss National Bank (SNB). In his first major interview, he discusses geopolitical uncertainties, monetary policy, and the challenges posed by cryptocurrencies. He takes a clear stance on the Bitcoin initiative, which proposes that the National Bank should hold part of its reserves in Bitcoin. Bitcoin as a Reserve Currency? A Clear Rejection from the SNB Schlegel is critical of the initiative pushed by Bitcoin supporters to include Bitcoin in the SNB’s reserves. „Cryptocurrencies are extremely volatile, which contradicts our goal of preserving the long-term value of our assets“ he explains. He also emphasizes that liquidity plays a central role for the National Bank: „Our reserves must always be available for monetary
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Since October 2024, Martin Schlegel has been at the helm of the Swiss National Bank (SNB). In his first major interview, he discusses geopolitical uncertainties, monetary policy, and the challenges posed by cryptocurrencies. He takes a clear stance on the Bitcoin initiative, which proposes that the National Bank should hold part of its reserves in Bitcoin.
Bitcoin as a Reserve Currency? A Clear Rejection from the SNB
Schlegel is critical of the initiative pushed by Bitcoin supporters to include Bitcoin in the SNB’s reserves.
„Cryptocurrencies are extremely volatile, which contradicts our goal of preserving the long-term value of our assets“
he explains. He also emphasizes that liquidity plays a central role for the National Bank:
„Our reserves must always be available for monetary policy purposes. This is not guaranteed with cryptocurrencies.“
Another concern for Schlegel is security:
„Cryptocurrencies are based on software, and we all know that software can have vulnerabilities.“
In this context, he points to the risks of hacks, fraud, and the lack of regulatory clarity in the industry.
Financial System and Cryptocurrencies: Still a Niche Phenomenon
Despite the growing integration of cryptocurrencies into the traditional financial system, Schlegel does not see an immediate threat to financial stability:
„The total market capitalization of all cryptocurrencies is around 2,000 billion Swiss francs. Compared to the global financial system, that is relatively small.“
The SNB is monitoring developments but sees no need for action at this time.
Schlegel does not fundamentally reject the comparison made by the President of the German Bundesbank between Bitcoin and the 17th-century tulip mania:
„Many cryptocurrencies are purely speculative assets, and due to high transaction costs, they are unsuitable as a means of payment in most cases.“
No Fear of Competition
When asked whether the Swiss franc is threatened by cryptocurrencies, Schlegel remains unfazed:
„Currencies have always been in competition with one another. In Switzerland, anyone can pay with alternative currencies if they wish. Yet, the franc seems more sought after than ever.“
While the Bitcoin community continues its efforts to establish cryptocurrencies as a serious alternative to the traditional financial system, the SNB’s position remains clear: Bitcoin may be an interesting technology, but it is not an option as a reserve currency. The National Bank continues to rely on proven stability and independent monetary policy—and has no fear of competition from digital assets.