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- Thomas Jordan, the chair of Swiss National Bank recently signified their skepticism if Bitcoin is actually a must-have on their Balance Sheet.
- He highlights that as of now, they don’t think BTC meets the requirements to become a reserve currency.
- The leading cryptocurrency is currently trading at $38,936And is down by 1.9% in the last twenty-four hours.
On the one hand, where Bitcoin has several vehement supporters who think it might emerge as a reserve currency, the Chairman of the Swiss National Bank noted that Bitcoin can hardly be a reserve currency.
The Chair of the Swiss National Bank (SNB), Thomas Jordan, highlighted that the institution would not be buying Bitcoin (BTC) to hold as a reserve currency at the recent annual meeting of the bank.
They Are Not Firmly Convinced About The Need For BTC On Balance Sheet
He noted that it’s not a problem to purchase BTC, and that the Central Bank of Switzerland can either make a direct Bitcoin purchase or invest in BTC-based products quite quickly.
But he points out that that can only take place if the bank is strongly convinced that Bitcoin is a must-have on the Balance Sheet.
The Chairman also highlighted that at the moment the bank does not think that Bitcoin meets the requirements of becoming a reserve currency, hence the decision concludes that they are not buying the leading cryptocurrency.
The crowned cryptocurrency along with others in the crypto space have always seen skepticism hovering around them, and this might be proof of that. But despite that, the crypto is witnessing adoption in other regions.
At the time of writing, the leading cryptocurrency is trading at $38,936 with a market cap of $740,793,516,356.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
