Swiss National Bank Chairman Rebuffs Bitcoin as Reserve Asset (reuters.com)
- Reference: 0177140699
- News link: https://slashdot.org/story/25/04/25/1818257/swiss-national-bank-chairman-rebuffs-bitcoin-as-reserve-asset
- Source link: https://www.reuters.com/business/finance/swiss-national-bank-chairman-rebuffs-bitcoin-reserve-asset-2025-04-25/
> Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern.
[1] https://www.reuters.com/business/finance/swiss-national-bank-chairman-rebuffs-bitcoin-reserve-asset-2025-04-25/
Re: (Score:2)
Executive Order 6102
I rest my case.
Re: (Score:2)
You want it back?
Bitcoin isn't suited as a reserve currency since it's not physical and can be eradicated without a trace.
To wipe out gold and silver you'd need at least a nuke.
Re: (Score:2)
Oh yeah?
Do you think the gold is still there at Ft. Knox? The reason they canceled the visit is that it's gone!
That's the reason the Germans want their gold back too. All the gold is disappearing from the US.
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> Oh yeah?
> Do you think the gold is still there at Ft. Knox? The reason they canceled the visit is that it's gone!
They cleared it out way back to use as a soundstage for the fake moon landing.
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Trump never gives any reasons, he starts with the assumption that he is always right. The burden is on you, and you're a terrible person...unless you send him money.
There are plenty of people who would argue that crypto is well-suited. They are called con men. No, they don't have real arguments, but that doesn't mean they aren't platformed.
Good (Score:2)
There still are some responsible bankers. Even North Korean Won is preferable to crypto for diversifying assets.
an 51% attract can also kill crypto (Score:2)
an 51% attract can also kill crypto
Re: Once ECC is broken, BTC will be worthless... (Score:2)
Alas, quantum computing might well be a scam, same as crypto. Crypto is purely speculative, and draws value out of thin air, and the bigger fool principle. But qc won't kill it.
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It's not a scam...but it might well be a failure. Those really are different things. (Some sellers of quantum computing may be scamming...but anything can be made a scam.)
QC may be the new Fusion (Score:2)
> Alas, quantum computing might well be a scam
Quantum computing is definitely not a scam - theoretically if we can figure out how to make qubits much less susceptible to noise established physics tells us that it will work. It is in danger of becoming the new fusion though: something that is theoretically possible but technically insanely hard to achieve so that it always appears a few years out of reach....but just because something turns out to be harder than we expected does not mean that we should give up on it.
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Unplug enough computers and bitcoin is also worthless, no breaking of ECC required. Crypto is nothing more than records in a database, it has no inherent value and the database is neither guaranteed safe or accessible. It is literally nothing.
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Split the internet by continent and you could also get interesting results for crypto currencies.
How can it be a reserve (Score:2)
If there is nothing to back it? A reserve currency is one which is backed by the full faith and credit of the government. Who is backing BTC?
Government backing not a requirement (Score:2)
> A reserve currency is one which is backed by the full faith and credit of the government.
Backing by the full faith and credit of a government is not a requirement for a currency. That just happens to be how modern fiat currencies are "backed".
Yet even after Bretton Woods, central banks still hold gold. Gold is a reserve asset, but not backed by any government.
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Investors and those who use Bitcoin for transactions?
Think about running away from a digital asset that you require to run your business--tens of thousands do this and have a vested interest in keeping the value high.
You can dither about the definition of"reserve", but you get the gist of BTC value.
Re: (Score:2)
> Investors and those who use Bitcoin for transactions?
Without the euphemisms we call those gamblers and criminals.
Bitcoin as a hedge against risk? (Score:2)
Cryptocurrency is a major source of global economic risk, not a hedge against it.
Just one tiny difference (Score:2)
> They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold.
The main difference between BTC and gold is that a North Korean or Russian criminal will not literally be able to steal 100% of SNB's gold reserves from thousands of miles away, without legal recourse or hope of recovery.
No doubt some of the loudest proponents of this move are hoping to do exactly that.
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its really easy to argue against something when you decide what the narrative is youre arguing against. completely invented perception, truly.
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says the crypto bro.
Crypto is pure fraud, arguing that it is a "reserve" requires that crypto has some inherent value which it does not. This move is pure market manipulation, is that why you don't like arguments against it?