The Swiss National Bank’s President has got some harsh words for Bitcoin enthusiasts. Martin Schlegel is saying Bitcoin isn’t worthy of being a reserve asset in Switzerland.
But Bitcoin is about replacing central bankers, so their opinion is maybe worthless in this case.
The horsebuggy industry didn’t like trains
Bitcoin is too volatile, lacks liquidity, and is a security risk, the Swiss are believing this, and they aren’t buying into the hype.
Schlegel’s stance is a direct slap in the face to the Swiss Bitcoin nonprofit think tank 2B4CH, which is pushing for Bitcoin to be constitutionally mandated as part of the SNB’s balance sheet.
SNB chief speaks out against Bitcoin as a currency reserve

The head of the Swiss National Bank, Martin Schlegel, has spoken out against the purchase of Bitcoin demanded by an initiative. For the National Bank, cryptocurrencies have several problems as an asset class. pic.twitter.com/eNjT8HW09w— Bitcoin Initiative 🗳️🇨🇭 (@initiativeBTC) March 1, 2025
But Schlegel isn’t having it. He told Tamedia that Bitcoin’s instability makes it unsuitable for maintaining the value of the SNB’s investments.
And let’s be real, who needs assets that can’t be used quickly when needed? It’s like having a sports car that can’t move off the starting line.
Magic internet money
Now, Schlegel isn’t just some crypto hater, he’s got valid concerns. Bitcoin and other cryptocurrencies are run by software, which means they’re susceptible to bugs and technical vulnerabilities.
And despite the crypto market securing nearly $3 trillion in value, Schlegel sees it as a niche phenomenon compared to the broader financial system.
He’s not worried about Bitcoin dethroning the Swiss franc either, it’s like comparing apples and oranges.
The consequences of the ignorance are unavoidable
But on the other hand, Switzerland is actually a leader in Bitcoin adoption, especially in Lugano.
And while Schlegel might not be a fan, other countries like the US, Czech Republic, and Hong Kong are considering making Bitcoin a reserve asset.
El Salvador’s already on board, stacking Bitcoin in its treasury since 2021. So, while Switzerland might not be ready to join the party, others are certainly dancing to the crypto beat.
2B4CH’s proposal still has a chance, though. They need 100,000 signatures by June 30, 2026, to put it to a public referendum.
That’s about 1.11% of the Swiss population. It’s a long shot, but hey, stranger things have happened. Until then, Bitcoin remains the uninvited guest at Switzerland’s financial table.
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