The president of the Swiss National Bank (SNB) is reportedly not convinced that holding Bitcoin (BTC) as a reserve currency is in the bank's best interests.
Reuters reports that at the central bank's annual general meeting on Friday, Thomas Jordan argued that there are downsides to remaining at the top of crypto assets.
“We haven't decided yet whether to invest in Bitcoin or not. Actually, there's a good reason for that. Foreign exchange reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to buy and sell them.”
Cryptocurrency stakeholders have been campaigning for the SNB to hold a portion of its foreign exchange reserves in BTC.
Lusius Meisser, chairman of crypto financial services provider Bitcoin Suisse, said: explained his case For BTC investment at SNB annual general meeting.
“One of the interests of Switzerland and the Swiss people is to have a safe and stable currency. If we reduce our spending on deficit-setting national debt and start holding Bitcoin, the independence of the Swiss franc and the Swiss National Bank I strongly believe that it will be strengthened.”
At the time of writing, Bitcoin is trading at $63,002. The top crypto asset by market capitalization has fallen more than 2% in the past 24 hours.
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