In a bold rejection of the rising global trend, the Swiss National Bank (SNB) has dismissed calls to add Bitcoin to its reserves. This move sets Switzerland apart as other nations race to secure their stake in the crypto economy.
While countries like the US, North Korea, and Pakistan explore building strategic Bitcoin reserves, Switzerland’s central bank remains firm. SNB chief Martin Schlegel recently confirmed the bank has “no plans to buy crypto assets,” citing deep concerns over volatility, security, and regulatory uncertainty.
SNB Cites Volatility and Security Risks in Bitcoin Rejection
Schlegel emphasized that the SNB’s foreign exchange reserves serve clear monetary policy goals, a standard cryptocurrencies fail to meet.
“Preservation of value is key,” he said. “Crypto assets have large fluctuations in value, so this is not a given.”
Schlegel also pointed to liquidity concerns and the “software-based” nature of digital currencies, warning of potential vulnerabilities to technological failures or cyberattacks.
For Switzerland, often viewed as a global financial safe haven — stability and security remain non-negotiable when managing reserves.
The SNB’s cautious stance contrasts sharply with a growing wave of global interest in Bitcoin-backed reserves. US President Donald Trump has propelled the narrative forward, signing an executive order to explore Bitcoin accumulation as part of America’s national financial strategy.
Inspired by this shift, the Swiss Federal Chancellery revived a proposal in December 2024 to establish a Bitcoin reserve — a second attempt after a failed push in 2021. Backers of the initiative are now collecting 100,000 signatures to force a nationwide referendum, which could legally compel the SNB to reassess its position.
Countries Race to Secure Crypto Holdings
The global race to secure crypto reserves is heating up. Nations like Russia, Brazil, and Poland are reportedly evaluating Bitcoin’s role in their strategic financial planning, a clear sign of shifting geopolitical dynamics.
North Korea, already infamous for crypto exploits through its Lazarus Group hackers, recently became the fourth-largest Bitcoin holder, overtaking Bhutan and El Salvador. This sparked speculation about Pyongyang’s quiet adoption of a Bitcoin reserve strategy.
Meanwhile, Pakistan is also shifting gears. The Pakistan Crypto Council revealed plans for a comprehensive legal framework to attract international crypto investments and integrate digital assets into its economy.
A Geopolitical Divide Over Crypto Reserves Emerges
As the race intensifies, Switzerland’s rejection raises a critical question: is staying on the sidelines a safeguard or a missed opportunity?
While SNB remains firm, global momentum suggests Bitcoin reserves could soon become a standard pillar of national financial strategies. Whether Switzerland sticks to its traditional playbook or succumbs to rising geopolitical pressure remains to be seen.
A Global Crypto Arms Race is Underway
The geopolitical divide over Bitcoin reserves is widening. As crypto matures from a speculative asset to a strategic reserve, central banks must decide whether to embrace the digital future or risk being left behind.
For now, Switzerland is choosing caution. But that choice could face growing challenges in a world where economic power may soon be measured in digital assets.
