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Swiss National Bank Could Arrange To Buy Bitcoin, But Chairman Says Not Yet

Swiss National Bank Chairman Thomas Jordan noted that Bitcoin (CRYPTO: BTC) does not currently meet the requirements of its currency reserves, but if the conditions are met, the institution could arrange for its acquisition quickly.

Benzinga · 04/30/2022 11:57

Swiss National Bank Chairman Thomas Jordan noted that Bitcoin (CRYPTO: BTC) does not currently meet the requirements of its currency reserves, but if the conditions are met, the institution could arrange for its acquisition quickly.

What Happened: Jordan said when answering a question at the annual Swiss National Bank meeting that "buying Bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on Bitcoin," according to a Friday Coindesk report.

See Also: How To Earn Free Crypto

The Swiss National Bank's Chairman also highlighted that institutions "can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet."

The reason why the bank has so far refrained from doing it — he explained — is that "we do not believe Bitcoin meets the requirements of currency reserves."

The Swiss National Bank's annual report published back in March reveals that at the end of 2021 its reserves were worth over one trillion Swiss francs, or about $1.03 trillion.

Those reserves are composed of 39% United States dollars, 37% euros, 8% Japanese yens and 6% United Kingdom pound. Precious metal gold only made up under 6% of the reserves.