Despite mounting macroeconomic instability, Bitcoin (BTC) is still not widely accepted as a global reserve currency. The Swiss National Bank (SNB) has stated that it has no plans to purchase and hold bitcoin as a reserve currency.
Chairman Thomas Jordan, Swiss National Bank chairman, stated during the central bank’s annual general meeting on Friday, April 29, that there are no plans to include Bitcoin on the bank’s balance sheet.
Thomas Jordan also stated:
“Purchasing bitcoin is not an issue for us; we may do it either directly or through the purchase of bitcoin-based investment products. When we are sure that bitcoin must be included in our balance sheet, we may swiftly set up the technical and operational prerequisites.”
He went on to say that, at the moment, Bitcoin does not fit the criteria for currency reserves. As a result, they will not be carrying out any plans in this area.
Global citizens demand a currency that is free of government interference, especially in light of the present sanctions against Russia. Because Bitcoin is devoid of financial constraints, it becomes a natural solution for them in this situation. Choosing Bitcoin as a reserve currency has its own disadvantages, despite its multifold returns over the last decade.
Bitcoin (BTC) is still a highly volatile asset class that closely tracks the stock market in the United States. As a result, it has yet to demonstrate that it is a legitimate market hedge capable of protecting investors’ wealth.
On the other hand, we’ve noticed that Wall Street banking firms are increasing their Bitcoin exposure. Goldman Sachs stated yesterday that it will give its clients a Bitcoin-backed loan, making it the first major U.S. bank to do so.
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