Swiss National Bank Owns No Bitcoin, but Could Buy in the Future, Chairman Says
Buying the cryptocurrency technically feasible, but didn’t meet norms, Thomas Jordan said.Read MoreFeedzy
The Swiss National Bank (SNB) isn’t currently interested in holding bitcoin, but could move quickly to do so at some point, said Chairman Thomas Jordan.
“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan said in response to a question at the SNB’s annual meeting. “We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.”
However, he added, “We do not believe bitcoin meets the requirements of currency reserves.”
According to an annual report published in March, the SNB’s reserves as of Dec. 31, 2021 footed to just over CHF1 trillion ($1.03 trillion). The U.S. dollar accounts for 39% of reserves, the euro 37%, Japan’s yen 8%, and the U.K.’s pound 6%. Gold holdings were just shy of CHF56 billion, or less than 6% of reserves.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Recent Posts
Bitcoin Pulls Back to $107K, but NYDIG Analysis Suggests Market Far From Overheated
Wednesday morning U.S. hours saw a modest acceleration in crypto's pullback from the recent big…
Bitcoin Hits New Heights: Analyst Predicts Next Peak By Late 2025
As Bitcoin (BTC) continues to capture investor enthusiasm, recently reaching a new all-time high of…
Crypto Daybook Americas: Bitcoin Dominance Tops 64% While Options Indicate Bullish Tilt
By James Van Straten (All times ET unless indicated otherwise) Since May 22, bitcoin (BTC)…
GameStop Purchases Over $500M Worth of Bitcoin
Video game retailer GameStop (GME) has purchased 4,710 bitcoin, worth nearly $513 million at the…
Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market
The futures and options market, a proxy for big money, is increasingly backing ether ETH…
Bitcoin Could Explode On Bessent’s $250 Billion Deregulation Shock
US Treasury Secretary Scott Bessent has signalled that the long-debated overhaul of banks’ supplementary leverage…