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- Swiss National Bank, central bank of Switzerland states that acquiring and holding Bitcoin as a reserve currency isn’t an issue for bank.
- Swiss central bank’s Chairman elaborated that the organization can arrange operative and technical conditions relatively swiftly.
- As of this writing, Bitcoin was dominating the crypto market, exchanging hands at $37,986.97, down by 1.73% in past 24 hours.
Swiss Bank On Bitcoin (BTC) as A Reserve Currency
Swiss National bank may acquire and hold BTC as a reserve currency if the crowned asset meets currency reserve requirements of the bank. During the bank’s annual meeting, Thomas Jordan, the Chairman states that acquiring the crowned asset Bitcoin is not an issue for the bank, they can conduct the operation directly or via purchase of investment products based on bitcoin.
However, he pointed out, that from present perspective they don’t think that Bitcoin comes any closer to currency reserve requirements. This is why the bank has not initiated accumulation of Bitcoin.
He emphasized that, they can arrange operative as well as technical conditions relatively quickly, when the organization is convinced that they actually require Bitcoin in their balance sheet.
ALSO READ – How much difference will the rising global energy crisis make on Bitcoin mining?
Organizations Are Hodling BTC
An escalating number of organizations are holding Bitcoin on their balance sheets while more nations are setting up framework to make the crowned asset BTC a legit currency.
El Salvador made Bitcoin a legal tender in nation along with USD during September previous year, and recently the Central African Republic rendered the crowned asset as the official currency.
Meanwhile, a rising number of folks are anticipating USD to eliminate its dominance, driven by Russian invasion of Ukraine. Robert Kiyosaki, author of Rich Dad Poor Dad, for instance, repeatedly alerted about USD’s end. Jim Rogers, a renowned investor also issued warning during March regarding USD’s end.
Bitcoin is the initial cryptocurrency, and since it has dominated the crypto market, no other crypto asset has come even closer to it in order to give a competition to the crowned asset. It is expected that Bitcoin will grow even more in value in upcoming years, but these are just speculations and we cannot say for sure that even if it grows in value, how much it can achieve.
As this article was being written, Bitcoin was trading at a market value of $$37,986.97, bearish by 1.73% during previous 24 hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
