Swiss National Bank Chief Shuts Door on Bitcoin Reserves—’Not Our Game’
SNB’s Thomas Jordan doubles down on traditional finance orthodoxy, dismissing crypto as a reserve asset. ’Stability isn’t found in volatility,’ he snipes—while sitting on $800B of inflation-prone fiat.
Central bankers gonna central bank.
Proposal for Referendum
In an effort to bring about change, crypto advocates in Switzerland have launched a referendum campaign to amend the constitution, which would require the Swiss National Bank to hold Bitcoin and gold in its reserves if approved.
One of the campaigners for this change is a founder of the Bitcoin Initiative, Luzius Meisser. Meisser believes that once SNB holds Bitcoin, it would hedge against the current weakening of the dollar and euro. The campaigner also disclosed that “holding Bitcoin makes more sense as the world shifts towards a multipolar order.”
My statement at the general assembly of Swiss National Bank. Video follows when available. pic.twitter.com/L0K2nkabZk
— Luzius Meisser (@Luzius) April 25, 2025
As a proponent, Meisser added that the change would reduce the political influence associated with the country’s foreign exchange reserves. He further stated that the supply of BTC cannot be inflated by politicians, unlike traditional currencies such as the USD and euro.
The referendum proposal was created at the end of December 2024 by the Swiss Federal Chancellery. For the proposal to trigger a referendum, it has to gather 100,000 signatures.
As global attitudes toward cryptocurrency shift, several countries are following in the footsteps of Donald Trump.
South Korean presidential candidate Hong Joon-pyo, for example, has pledged to boost blockchain development and crypto deregulation, mirroring policies seen in the U.S. under President Trump.
His plans include a $35B+ investment in emerging technologies, with blockchain at the forefront, which contrasts sharply with South Korea’s current stance on crypto regulation.
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