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The Swiss National Bank has refused to include Bitcoin in the national reserves, citing that the risks of liquidity and fluctuation are too high.
Martin Schlegel, President of the Swiss National Bank (SNB), stated at the annual conference in April 2025 that, due to liquidity and fluctuation risk considerations, he rejected the inclusion of Bitcoin in the national reserves. He pointed out that there are issues with the market liquidity of crypto assets during times of crisis, and the price volatility is significant, which does not meet the high standards for central bank reserves. As of the end of 2024, the SNB is indirectly exposed to Bitcoin assets through holdings in companies like TSL, MARA Holdings, and CleanSpark. (CoinDesk)