瑞士國家銀行（SNB）主席警告比特幣的“非常高”波動性貨幣穩定性風險

瑞士對傳統的猛烈辯護面臨著地震加密挑戰，因為在全球經濟動盪和地緣政治變化的情況下呼籲在國家儲備中增加比特幣。

Switzerland’s fierce defense of tradition faced a seismic crypto challenge as calls to add bitcoin to national reserves grew amid global 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，隨著全球經濟動盪和地緣政治轉變的呼籲，向國家儲備中增加比特幣的呼籲不斷增長。

Swiss National Bank (SNB) Chairman Martin Schlegel remained opposed to integrating bitcoin into the institution’s currency reserves during the assembly of shareholders in Bern on April 25, according to a report by Reuters.

路透社的報告稱，瑞士國家銀行（SNB）主席馬丁·施萊格爾（Martin Schlegel）在4月25日在伯爾尼（Bern）的股東大會期間，仍然反對將比特幣納入該機構的貨幣儲備中。

As inflation fears and geopolitical shifts deepen economic uncertainty, cryptocurrency proponents have launched a referendum initiative aiming to urge the SNB to diversify its assets by holding bitcoin alongside traditional gold reserves. They argue that such a move would better protect Switzerland’s wealth against systemic risks, especially following market instability partly linked to former U.S. President Donald Trump’s tariff policies, setting the stage for broader economic turbulence.

隨著通貨膨脹的恐懼和地緣政治的轉變加深了經濟不確定性，加密貨幣支持者發起了一項全民投票倡議，旨在敦促SNB通過將比特幣與傳統的黃金儲備一起持有比特幣來使其資產多樣化。他們認為，這樣的舉動將更好地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，與前美國總統唐納德·特朗普的關稅政策有關，為更廣泛的經濟動盪奠定了基礎。

However, Schlegel appeared unyielding in his stance against including bitcoin in the SNB’s reserves at the assembly.

然而，施萊格爾（Schlegel）在他的大會上的SNB儲備中似乎對包括比特幣在內的立場表現不佳。

“Cryptocurrency cannot currently fulfill the requirements for our currency reserves,” he said.

他說：“加密貨幣目前無法滿足我們貨幣儲備的要求。”

The SNB’s currency reserve policy focuses on assets with high liquidity, Schlegel said, adding that this allows for rapid buying and selling of foreign exchange when necessary.

Schlegel說，SNB的貨幣儲備政策的重點是流動性高的資產，並補充說，這可以在必要時快速買賣外匯。

Nevertheless, he highlighted the substantial volatility inherent in cryptocurrencies, noting that they typically display “very, very high” fluctuations in value, which significantly hampers their effectiveness for maintaining the resilience and stability of the bank’s reserves. These concerns continue to drive the SNB’s conservative stance on digital currencies despite external pressure.

儘管如此，他強調了加密貨幣固有的實質性波動，並指出它們通常在價值上顯示“非常非常高”的波動，這顯著妨礙了它們在維持銀行儲備的韌性和穩定性方面的有效性。儘管外部壓力，這些擔憂仍在繼續推動SNB對數字貨幣的保守立場。

While the SNB remains steadfast in its opposition, the referendum effort underscores the ongoing debate over the future structure of Switzerland’s monetary safeguards.

儘管SNB仍然堅定不移，但全民投票的努力強調了關於瑞士貨幣保障措施未來結構的持續辯論。

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

這不是施萊格爾第一次反對戰略比特幣儲備。上個月，他告訴彭博電視台，SNB沒有購買加密貨幣資產的計劃，其外國交換儲量用於實施貨幣政策。

He said digital currencies fail to meet essential requirements, such as the preservation of value, due to their significant price fluctuations. Schlegel also mentioned technical concerns, stating that cryptocurrencies are software and can have bugs, further reducing 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還提到了技術問題，並指出加密貨幣是軟件，並且可能有錯誤，從而進一步降低了其可靠性。

Governments around the world are increasingly discussing establishing strategic bitcoin reserves, marking a significant shift in the view of cryptocurrencies as national assets.

世界各地的政府越來越多地討論建立戰略比特幣儲備，這標誌著加密貨幣作為國家資產的觀點發生了重大轉變。

The United States took a leading step in March by establishing a strategic bitcoin reserve using BTC seized in legal cases, and also setting up a broader digital asset stockpile for other cryptocurrencies. This move has inspired similar conversations in other nations.

美國三月份使用BTC在法律案件中抓住的BTC建立了戰略性的比特幣儲備，並為其他加密貨幣建立了更廣泛的數字資產庫存。此舉激發了其他國家的類似對話。

However, some countries have remained cautious, rejecting proposals to include bitcoin in their reserves due to concerns over volatility and liquidity. In April, the German government shot down a proposal by members of the Green Party to add bitcoin to the country’s foreign-exchange reserves.

但是，由於對波動性和流動性的擔憂，一些國家仍然謹慎，拒絕將比特幣納入儲量中的建議。 4月，德國政府駁回了綠黨成員向該國外國交換儲備中增加比特幣的提議。