Swiss National Bank Chairman: The Bank Owns No BTC But Might Purchase In The Future

Thomas Jordan, the chairman of Swiss National Bank recently commented that Bitcoin today doesn’t meet norms for currency reserves, but there’s no technical bar to purchases.

The Swiss National Bank isn’t presently interested in holding bitcoin, but might move swiftly to do so at some point, mentioned Chairman Thomas Jordan.

In response to a question at the Swiss National Bank’s annual meeting, Jordan mentioned,

“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin.”

He added,

“We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.”

Nonetheless, he added,

“We do not believe bitcoin meets the requirements of currency reserves.”

As per an annual report published last month, the Swiss National Bank’s reserves as of 31st December, 2021, came to just over CHF1 trillion (1.03 Trillion USD). The U.S. dollar accounts for thirty nine percent of reserves, the euro thirty seven percent, Japan’s yen eight percent, and the U.K.’s pound six percent. Gold holdings were slightly less than CHF 56 billion, or less than six percent of reserves.