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Thomas Jordan, the chair of Swiss National Bank (SNB), stated that the institution will not be purchasing Bitcoin to hold as a reserve currency at the annual meeting of the bank today.
SWISS NATIONAL BANK CHAIRMAN SAYS DOES NOT BELIEVE BITCOIN MEETS REQUIREMENTS TO BE A RESERVE CURRENCY
— *Walter Bloomberg (@DeItaone) April 29, 2022
He pointed out that to buy BTC is not a problem, and the central bank of Switzerland can either make a direct BTC purchase or invest in a BTC-based product pretty quickly. But that can only take place if the bank is firmly convinced that Bitcoin is a must have on their balance sheet, the chairman pointed out.
However, at the moment, Jordan said, the bank does not believe that the leading global crypto meets the requirements to become a reserve currency, so the decision has been made not to acquire BTC.
Tomiwabold Olajide
Godfrey Benjamin
Gamza Khanzadaev
