Switzerland’s central bank could eventually start buying bitcoin (Cryptocurrency:BTC-USD)

thamerpic/iStock Editorial via Getty Images

Swiss National Bank could start buying bitcoin (BTC-USD) in the future, though the cryptocurrency doesn’t meet the standards of currency reserves, Chairman Thomas Jordan said Friday at the central bank’s annual general meeting.

“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan explained. “We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet.”

The central bank’s currency reserves, which include gold, totaled more than CHF 1T ($1.03T) as of Dec. 31, 2021. The U.S. dollar accounted for 39% of SNB’s reserves and the euro took up 37%.

Looking at intraday price action, bitcoin (BTC-USD -3.6%) is dropping $38.5K in Friday afternoon trading.

Earlier this week (April 27), the Central African Republic became the second nation in the world to adopt bitcoin as legal tender.

Be the first to comment

Leave a Reply

Your email address will not be published.