Bitcoin: The Swiss National Bank is interested in buying BTC
- Earlier last year, Swiss National Bank officials concluded that Bitcoin has not yet met the set requirements to be added to its balance sheet as a reserve currency.
- Bitcoin price has fallen about 33 percent since last April to trade around $28k.
The Bitcoin market has grown over the years into a global community with over 56 million holders. Bitcoin traded around $28,000 on Friday and has attracted institutional investors to outperform traditional market shares. According to market data provided by TradingView, the Bitcoin price is up about 70 percent YTD, Gold has gained about 9 percent, while the Dow Jones has only added 1 percent since the turn of the calendar.
As a result, listed companies have been slowly adding Bitcoin among other crypto assets to their balance sheets. According to market data provided by Coingecko, a total of 174,374 Bitcoins are held by listed companies around the world.
The largest share is owned by Micro strategy Inc. with approximately 129,699 Bitcoins, worth approximately $3.6 billion. Others include Coinbase Global and crypto mining companies such as Marathon Digital. However, the global banking industry has not invested in Bitcoin due to regulatory restrictions.
Swiss banks on Bitcoin
The banking industry in Switzerland has experienced significant challenges recently. Credit Suisse already collapsed and was taken over by UBS under government watch. In their defense, the Swiss Financial Supervisory Authority (FINMA) blamed Credit Suisse management for the collapse of the country’s second largest bank.
As a result, Swiss banks have started to take a closer look at the Bitcoin and crypto market to ensure future growth prospects. For example, PostFinance, the fifth largest financial company in Switzerland, is set to offer cryptocurrency services to over 2.69 million customers through a partnership with Sygnum Bank.
In a recent TV interview, the Vice President of the Swiss National Bank (SNB) Martin Schlege noted that Bitcoin is very interesting.
DUDE Hear this and buy this damn coin, Vice President of that SWISS NATIONAL BANK!!! #bitcoin #inflation pic.twitter.com/qLBE1szVmQ
— Fiatbomb (@Kanthadax) 6 April 2023
Earlier last year, Swiss National Bank Chairman Thomas Jordan said at the central bank’s annual general meeting that the bank is against keeping Bitcoin as a reserve currency. During the meeting, Jordan added that the bank is not yet convinced that Bitcoin meets the established requirements for a reserve currency.
“Buying bitcoin is not a problem for us, we can do it either directly or can buy investment products that are based on bitcoin,” said Jordan. “We can arrange the technical and operational conditions relatively quickly once we are convinced that we must have Bitcoin on the balance sheet.”
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The Bitcoin price has benefited significantly from the global banking crisis, which began with three regional banks in the United States. In particular, investors have fled the banking industry to self-encryption. As a result, the US federal government has identified the decentralized financial ecosystem as a threat to national security. Moreover, former President Donald Trump admitted that the US dollar is losing its position as a global reserve currency.
#Trump at the end of US Hegemony:
“Our currency is crashing and will soon no longer be the standard of the world, which would be our biggest defeat in the last 200 years.” pic.twitter.com/OsopDmVpxm— Denis Rogatyuk (@DenisRogatyuk) 5 April 2023
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