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.
A Coinbase-convened panel says Bitcoin should start preparing for quantum attacks now, but declines to…
A tiny Strategy sale raised a bigger question about Saylor’s never-sell stance, while easing Iran…
TL;DR Aave Labs has proposed onboarding Circle Wrapped Bitcoin, or cirBTC, to Aave V3 Core…
Bitcoin Magazine Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low Standard…
Senior market analyst Geoffrey Kendrick pointed to the SpaceX IPO and a potential U.S.-Iran peace…
Bitcoin ETF investors have pulled billions this year, but the broader crypto ETF market remains…