Swiss National Bank Chairman, Martin Schlegel, rejected the idea of adding Bitcoin to the institution’s reserves, stating that cryptocurrency does not meet the requirements for currency reserves. This announcement comes amidst growing pressure from the local crypto industry to include Bitcoin in the central bank’s reserves. Campaigner Luzius Meisser from Bitcoin Suisse argued that holding Bitcoin would be more logical in the current economic landscape. Schlegel had previously expressed concerns about Bitcoin’s stability, liquidity, and security. In 2024, the Swiss Federal Chancellery proposed a constitutional amendment to mandate the Swiss National Bank to hold Bitcoin. The initiative needs 100,000 signatures to trigger a referendum in Switzerland. Supporters believe that holding Bitcoin would shield the central bank from political influences and inflation risks associated with traditional currencies. The campaign is ongoing, with advocates emphasizing the benefits of diversifying reserves. Switzerland, known for its blockchain initiatives, continues to lead in the crypto industry with developments such as Bitcoin-based payments in retail stores. The region’s Crypto Valley has seen significant growth, surpassing a $593 billion valuation mark and producing multiple crypto startup unicorns. This progress underscores Switzerland’s position as a prominent player in the blockchain sector.