Will Swiss Bank Buy Bitcoin?

While a major portion of leading investment banks are eyeing cryptocurrency investments, will Switzerland’s Central Bank follow suit? The Vice President of Swiss Bank, Martin Schlegel was asked if the institution plans to keep Bitcoin in its reserves. The question comes after US President Donald Trump showed interest this year in diversifying the reserves with leading cryptocurrencies. The mounting international attention towards BTC is making larger financial institutions take note of the broader cryptocurrency market.

Bitcoin: Will the Swiss Bank Start Buying BTC?

During an interview with Bloomberg Television, Schlegel confirmed that Swiss Bank has no plans of acquiring Bitcoin.he said emphasizing that the institution is focused only on fiat. Schlegel stressed that digital assets have no monetary policies and only run on software that can be subjected to hacks.

The Swiss Bank VP also stated that Bitcoin experiences major fluctuation in price and the volatility is a risky affair.he said.

The VP of Swiss Bank pointed out that Bitcoin and other cryptocurrenciesand are susceptible to bugs, further undermining their reliability and credibility. In conclusion, the Swiss Bank will not buy Bitcoin or any other cryptocurrencies and will stick to fiat and other commodities.

However, if Swiss Bank starts buying Bitcoin in the future, it would be a major win for the cryptocurrency market. The bank manages assets of over $3.2 trillion with several billionaires parking their money in it. It provides protection by not revealing the names of the holders under any circumstances. This makes it a lucrative option to have an account as not only billionaires, but even politicians park their black money in the bank.