The Swiss National Bank’s Three Big Mistakes About Crypto

The Swiss National Bank’s Three Big Mistakes About Crypto

“We do not have plans to buy crypto assets.”

Those are words from Martin Schlegel, the head of the Swiss National Bank (SNB).

I believe he’ll come to regret them.

During an interview last week, Bloomberg TV asked Schlegel whether he supported an initiative that would require the Swiss National Bank to hold bitcoin on its balance sheet.

If proponents of the initiative manage to collect 100,000 signatures by June 2026, the country is required to hold a referendum on the issue.

Obviously, Schlegel opposes the initiative.

Friends, this isn’t the first time I’ve seen central bankers smear digital assets. I saw something similar play out in 2018.

Back then, the Polish central bank admitted it hired a firm to spread a “smear campaign” against crypto. And former International Monetary Fund (IMF) chair Christine Lagarde – now European Central Bank head – said central banks should band together against crypto.

At the time, I called it the “Great Crypto Conspiracy.”

Regulators and the press were drowning the market in negative news. And while the average investor was panic-selling, institutions were getting in at the best prices.

Since its lows during the Great Crypto Conspiracy of 2018, bitcoin is up 2,704%.

Today, I’ll explain why Schlegel – and anyone who follows him – is making a huge mistake by dismissing this asset class.

SNB’s Three “Arguments” Against Bitcoin Don’t Make Sense