瑞士國家銀行主席警告比特幣的“非常高”的波動率風險貨幣穩定性

瑞士國家銀行（SNB）主席馬丁·施萊格爾（Martin Schlegel）強烈反對將比特幣整合到該機構的貨幣儲備中

Switzerland’s fierce defense of tradition faced a seismic crypto challenge as calls to add bitcoin to national reserves faced pushback, highlighting a global struggle over economic turmoil and geopolitical shifts.

瑞士對傳統的猛烈辯護面臨著一項地震加密挑戰，因為呼籲在國家儲備中增加比特幣的呼籲面臨推回，強調了在經濟動盪和地緣政治轉變方面的全球鬥爭。

Swiss National Bank (SNB) Chairman Martin Schlegel strongly opposed integrating bitcoin into the institution’s currency reserves, his comments came as the institution's shareholder assembly in Bern saw a lively discussion on the topic on April 25, according to Reuters.

瑞士國家銀行（SNB）主席馬丁·施萊格爾（Martin Schlegel）強烈反對將比特幣納入該機構的貨幣儲備中，他的評論發表在伯爾尼（Bern）的股東大會上，在4月25日對該話題進行了激烈的討論。

As inflation fears and geopolitical shifts heighten economic uncertainty, cryptocurrency proponents have launched a referendum initiative, aiming to compel the SNB to diversify its assets by holding bitcoin alongside traditional gold reserves. They argue that such a move would protect Switzerland's wealth against systemic risks, especially following market instability partly tied to U.S. President Donald Trump's tariff policies.

隨著通貨膨脹的恐懼和地緣政治轉變的加劇，加密貨幣支持者發起了一項全民投票倡議，旨在通過將比特幣與傳統的黃金儲備一起持有比特幣來迫使SNB多樣化其資產。他們認為，這樣的舉動將保護瑞士的財富免受系統性風險，尤其是在市場不穩定之後，部分與美國總統唐納德·特朗普的關稅政策有關。

However, Schlegel's remarks signaled that the central bank is likely to reject the proposals and continue holding a largely conservative stance on digital currencies despite growing external pressure.

但是，施萊格爾的言論表明，中央銀行可能會拒絕這些提案，並繼續對數字貨幣的持續保守立場，儘管外部壓力越來越大。

"We are following developments in the cryptocurrency sphere closely, but we have concluded that cryptocurrency cannot currently fulfill the requirements for our currency reserves," Schlegel said during the assembly.

施萊格爾在大會上說：“我們正在密切關注加密貨幣領域的發展，但我們得出的結論是，加密貨幣目前無法滿足我們對貨幣儲備的要求。”

He explained that the SNB's currency reserve policy prioritizes assets with high liquidity, enabling rapid buying and selling of foreign exchange when necessary.

他解釋說，SNB的貨幣儲備政策優先於流動性高的資產，可在必要時快速買賣外匯。

"This is not the case with cryptocurrencies, which are typically characterized by very, very high volatility. In other words, they display strong fluctuations in value over short periods of time."

“加密貨幣並非如此，通常以非常非常高的波動性為特徵。換句話說，它們在短時間內的價值表現出強烈的波動。”

This volatility poses a significant challenge for maintaining the resilience and stability of the bank's reserves, he added.

他補充說，這種波動性在維持銀行儲備金的韌性和穩定性方面構成了重大挑戰。

"In times of crisis, it is crucial that we can quickly intervene in the foreign exchange market to maintain the stability of the Swiss franc. Our experience shows that when we intervene massively, for instance, buying francs for several billion euros, the price does move in the desired direction. But to do so, we need assets that can be sold quickly and in large quantities without impacting market prices."

“在危機時期，至關重要的是，我們可以迅速乾預外匯市場以維持瑞士法郎的穩定性。我們的經驗表明，當我們大規模干預時，例如，以數十億歐元的價格購買法郎時，價格確實會朝著所需的方向轉移。但是，為此，我們需要在不影響市場價格的情況下快速銷售的資產。”

suggesting that the apex bank is likely to vote against the proposals to include bitcoin in its reserves.

建議最高銀行可能會投票反對將比特幣納入其儲備中的提案。

This was not the first time that Schlegel expressed his opposition to a strategic bitcoin reserve. Last month, he similarly told Bloomberg Television that the SNB has no plans to buy crypto assets and its foreign-exchange reserves are strictly for implementing monetary policy.

這不是施萊格爾第一次表示反對戰略比特幣儲備。上個月，他同樣告訴彭博電視台，SNB沒有計劃購買加密貨幣資產的計劃，其外國交換儲量嚴格用於實施貨幣政策。

He said digital currencies fail to meet essential requirements, such as the preservation of value, due to their significant price fluctuations. Schlegel also raised technical concerns, noting that cryptocurrencies are essentially software and vulnerable to bugs, further undermining their reliability.

他說，由於價格明顯波動，數字貨幣無法滿足基本要求，例如保留價值。 Schlegel還提出了技術問題，並指出加密貨幣本質上是軟件，並且容易受到錯誤的影響，從而進一步破壞了其可靠性。

Governments across the globe are increasingly engaging in discussions about establishing strategic bitcoin reserves, marking a substantial shift in the perception of cryptocurrencies as viable national assets.

全球各國政府越來越多地參與有關建立戰略比特幣儲備的討論，這標誌著對加密貨幣作為可行的國家資產的看法發生了重大轉變。

In March, the United States took a pioneering step by creating a strategic bitcoin reserve through the legal seizure of BTC and forming a broader digital asset stockpile for other cryptocurrencies. This move has naturally sparked interest and similar considerations among other nations.

3月，美國通過合法扣押BTC創建戰略性比特幣儲備，並為其他加密貨幣形成更廣泛的數字資產庫存，從而邁出了開創性的一步。這一舉動自然引起了其他國家的興趣和類似的考慮。

However, despite this global trend and the growing pressure from citizens to diversify national assets with bitcoin, some countries, such as Japan and South Korea, have opted out, rejecting proposals to include bitcoin in their reserves. These decisions are often driven by concerns over volatility, liquidity, and the overall stability of the cryptocurrency market.

然而，儘管這一全球趨勢以及公民對用比特幣多樣化的國家資產的壓力越來越大，但一些國家（例如日本和韓國）選擇退出，拒絕提議將比特幣納入其儲備中。這些決定通常是由於對波動性，流動性和加密貨幣市場的整體穩定性的擔憂所驅動的。