The Swiss National Bank (SNB) has declined to include bitcoin in its reserves, citing significant liquidity and volatility risks associated with cryptocurrency investments. During a General Assembly meeting, SNB President Martin Schlegel expressed concerns about the reliability of bitcoin, stating that its market liquidity can be questionable during crises, and its high volatility poses a risk to long-term value retention. Despite arguments from the Bitcoin Initiative, which suggested that a nominal 1% allocation to bitcoin since 2015 would have nearly doubled the SNB's portfolio returns with minimal volatility increase, the central bank remains cautious. The SNB does have indirect bitcoin exposure through shares in U.S. companies that hold corporate bitcoin treasuries. Schlegel reaffirmed the bank's stance on cryptocurrency, noting that it does not meet the stringent criteria required for currency reserves. Other central banks, including the European Central Bank and the Federal Reserve, have similarly rejected the inclusion of bitcoin in their reserves due to similar concerns regarding liquidity and security.

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