Thomas Jordan, the longstanding chairman of the Swiss National Bank, recently cautioned against the risks associated with Bitcoin, the largest cryptocurrency by market capitalization. As reported by Reuters, the most tenured governor of a significant central bank expressed skepticism regarding recent proposals to include Bitcoin in reserve holdings. Jordan emphasized the importance of currency reserves being both liquid and sustainable.
Amidst these discussions, Bitcoin activist Yves Bennaim initiated an effort to introduce a constitutional amendment enabling the SNB to hold Bitcoin as a reserve asset. Bennaim aims to gather 100,000 signatures to prompt a referendum on the matter. Despite acknowledging the conservative nature of Swiss citizens, Bennaim, self-described as a “toxic Bitcoin maximalist,” seeks to catalyze a broader discourse about the SNB, echoing libertarian perspectives.
It’s noteworthy that during a 2014 referendum, 78% of Swiss voters rejected an initiative by conservative politicians to compel the central bank to expand its gold reserves. Currently, the SNB reportedly maintains substantial gold reserves totaling 1,040 tons, positioning it as one of the largest holders of the precious metal among major central banks. Additionally, the bank holds foreign currency assets and financial instruments denominated in Swiss francs.
In March, Jordan announced his intention to step down from his position after serving for 12 years, marking a significant transition in leadership. He assumed the role of chairman of the Swiss National Bank in 2012.
