Will the Swiss Central Bank also invest in cryptocurrency? Martin Schlegel is the Vice President of Swiss Bank. He was asked by a reporter if his institution intends to retain Bitcoin in their reserves. This question was asked after US President Donald Trump expressed interest in diversifying reserves by using leading crypto currencies. BTC has been gaining international attention, which is causing financial institutions to pay more attention to the entire cryptocurrency market.
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When will the Swiss bank start buying Bitcoin?
Interview with Bloomberg TelevisionSchlegel has confirmed that Swiss Bank does not plan to acquire Bitcoin. “We do not have plans to buy crypto assets,” He stressed that the fiat currency is all they are interested in. Schlegel emphasized that digital assets are not governed by monetary policies, and that they only operate on software susceptible to hacking.
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Swiss Bank’s VP stated also that Bitcoin is subject to major fluctuations in its price, and this volatility can be a dangerous affair. “For example, it’s the preservation of value. And as you know, cryptocurrencies have large fluctuations in value, so this is not a given,” “He said”
Swiss Bank’s VP has pointed out Bitcoin and other cryptocurrency “are basically software” Bugs can also undermine their reliability. The Swiss Bank, in conclusion, will only buy fiat currency and commodities and not Bitcoins or other crypto currencies.
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Swiss Bank would win big if it were to start buying Bitcoins in the future. This bank has assets worth over $3.2 billion and is where several millionaires park their money. The bank provides privacy by never revealing who the account holders are. It is a profitable option for anyone to open a bank account, as billionaires and politicians alike can store their money there.
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Source: watcher.guru
