Since October 2024, Martin Sheliel has been at the head of the Swiss National Bank (SNB). In his first major interview, he discusses aspects of geopolitical uncertainty, monetary policy, and challenges explained by encrypted currencies. It takes a clear position on the Bitcoin initiative, which suggests that the National Bank hold part of its Bitcoin reserves.
Bitcoin as a reserve currency? A clear refusal from SNB
Sildel criticizes the initiative paid by bitcoin supporters to include bitcoin in SNB reserves.
„Cracks are very volatile, which contradict our goal of maintaining the long -term value of our assets.
Explain. It also confirms that liquidity plays a major role for the National Bank:
„Our reserves should be always available for monetary policy purposes. This is not guaranteed with cryptocurrencies. “
Another source of concern for Sielgel is security:
“Current currencies depend on programs, and we all know that programs can contain weaknesses.”
In this context, it indicates the risks of breakthroughs, fraud and lack of organizational clarity in this industry.
Financial system and encrypted currencies: It is still a specialized phenomenon
Despite the increasing integration of encrypted currencies in the traditional financial system, Schlegel does not see an immediate threat to financial stability:
„The total market value of all cryptocurrencies is about 2000 billion Swiss francs. Compared to the global financial system, this is relatively small. “
SNB monitors developments but does not need to work at this time.
Schlegel does not mainly reject the comparison made by the head of German banks between Bitcoin and Hania Tulip Hania in the seventeenth century:
“Many cryptocurrencies are purely speculative assets, and because of the high costs of transactions, they are not suitable as a means of payment in most cases.”
No fear of competition
When asked if the Swiss franc was threatened by cryptocurrencies, Sildel is still not upset:
„The currencies have always been in competition with each other. In Switzerland, anyone can push alternative currencies if they wish. However, the franc appears to be happier than ever. “
While the Bitcoin community continues its efforts to create encrypted currencies as a dangerous alternative to the traditional financial system, SNB position remains clear: Bitcoin may be an interesting technique, but it is not an option as a reserve currency. The National Bank continues to rely on stabilized stability and independent monetary policy – and it has no fear of competition from digital assets.
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