Bitcoin (BTC) Can’t Get Approval from This Country! Here’s Why!

While Bitcoin and cryptocurrency adoption is increasing globally, led by the US, Switzerland maintains its strict stance.

The Swiss National Bank, which has not abandoned its tough approach to Bitcoin, rejects BTC reserve plans despite the US’s exemplary Bitcoin move.

The final statement on this point came from Martin Schlegel, Deputy Governor of the Swiss National Bank (SNB).

Martin Schlegel stated that his opinions on BTC have not changed and said that it does not meet the bank’s asset criteria.

Schlegel noted that the Swiss National Bank has allocated a significant amount of euros and dollars instead of Bitcoin for diversified investments.

“Bitcoin is not a suitable investment vehicle for SNB reserves.

Its volatility is very high. I also believe that Bitcoin’s long-term value is approximately zero. I still don’t know what purpose Bitcoin serves.”

Martin Schlegel had previously made similar remarks, rejecting the idea of a Bitcoin reserve. He cited BTC’s volatile nature, security concerns, and regulatory uncertainty as the primary reasons for his opposition to the idea. Schlegel stated, “We have no plans to purchase crypto assets.”

*This is not investment advice.