瑞士國家銀行（SNB）總裁馬丁·施萊格爾（Martin Schlegel）拒絕持有比特幣儲備金

瑞士國家銀行（SNB）總統馬丁·施萊格爾（Martin Schlegel）拒絕了持有比特幣儲備，原因是市場流動性和波動性是這樣做的原因。

Swiss National Bank (SNB) President Martin Schlegel has rejected the idea of holding Bitcoin reserves, highlighting market liquidity and volatility as key factors.

瑞士國家銀行（SNB）總裁馬丁·施萊格爾（Martin Schlegel）拒絕了持有比特幣儲備的想法，強調了市場流動性和波動性作為關鍵因素。

As reported by BTCport, Schlegel responded to an op-ed in Finanz und Wirtschaft by the Bitcoin Initiative, a group advocating for an SNB reserve, highlighting that SNB investments grew by about 10% since 2015. Using a back-of-the-envelope analysis, if the SNB added 1% of Bitcoin to its reserve, it would have nearly doubled its returns. Moreover, the volatility of the SNB portfolio would have only increased slightly.

正如BTCPORT報導的那樣，Schlegel對Bitcoin Initiative的Finanz和Wirtschaft的專欄作出了回應，該倡議提倡SNB儲備金，這突顯了SNB Investments自2015年以來增長了約10％。如果使用Enbelvelope分析，如果SNB將比特幣添加了1％的儲備金，則它將其返回兩倍，幾乎兩倍。此外，SNB投資組合的波動性只會略有增加。

The Bitcoin Initiative concluded that Bitcoin’s volatility should not be analyzed in isolation, but rather considered in conjunction with the other assets in the current portfolio. The Bitcoin Initiative further noted that Bitcoin was resilient to market stress, highly liquid even with large sums of capital, and remained available even on bank holidays.

比特幣倡議得出的結論是，比特幣的波動性不應孤立地分析，而應與當前投資組合中的其他資產一起考慮。該比特幣倡議進一步指出，比特幣對市場壓力有彈性，即使擁有大量資本，也可以在銀行假期中使用。

However, Schlegel disagreed, saying a reserve needs a high level of liquidity to buy and sell foreign currencies at a rapid rate. He also reiterates that Bitcoin has very high volatility, making it difficult for the SNB to include it in its portfolio.

但是，施萊格爾（Schlegel）不同意，稱儲備金需要高度的流動性才能快速買賣外幣。他還重申，比特幣的波動性很高，因此很難將其包括在其投資組合中。

“We need to be able to maintain control over the reliability of the bank’s reserves,” Schlegel added.

Schlegel補充說：“我們需要能夠保持對銀行儲量可靠性的控制。”

The extremely high volatility of Bitcoin makes the currency a risky asset for the bank. SNB, therefore, maintains a conservative stance regarding cryptocurrencies, despite many advocates pushing for a Bitcoin reserve. There is a lot of interest in adopting a Bitcoin reserve in Switzerland. Yet, at this point, President Schlegel does not seem convinced about the suitability of Bitcoin for the Swiss bank.

比特幣的波動極高使該貨幣成為銀行的風險資產。因此，儘管許多擁護者推動了比特幣儲備，但SNB仍然對加密貨幣保持了保守的立場。在瑞士採用比特幣儲備有很多興趣。但是，在這一點上，施萊格爾總統似乎對比特幣對瑞士銀行的適合性並不相信。

The Bitcoin Initiative believes that the SNB should urgently consider a Bitcoin reserve to offset the risks caused by Trump’s tariffs. They believe that the bank should consider diversifying its reserves and include a currency that has been referred to as digital gold. A referendum campaign has started to change the constitution and force the SNB to hold both Bitcoin and gold reserves.

比特幣倡議認為，SNB應該急切地考慮比特幣儲備，以抵消特朗普的關稅造成的風險。他們認為，銀行應考慮多樣化其儲備，並包括一種被稱為數字黃金的貨幣。全民投票運動已經開始改變憲法，並迫使SNB持有比特幣和金儲備。

However, Schlegel remains firm with his strategy, saying that liquidity and volatility are factors that discount Bitcoin. He claims that the bank should be able to buy and sell currencies at any time.

但是，施萊格爾仍然堅定地遵守他的戰略，稱流動性和波動性是打折比特幣的因素。他聲稱該銀行應該能夠隨時買賣貨幣。

“The units of the foreign exchange reserve are liquid, in the sense that they can be rapidly converted into other currencies or assets without loss of value,” Schlegel explained.

Schlegel解釋說：“外匯儲備的單位是流動性的，因為它們可以迅速轉化為其他貨幣或資產而不會損失價值。”

The SNB president previously opposed the idea of a Bitcoin reserve. Last month, he stated that the SNB has no plans to buy cryptocurrencies. He argued that foreign exchange reserves are strictly for implementing monetary policy.

SNB總裁以前反對比特幣儲備的想法。上個月，他說SNB沒有購買加密貨幣的計劃。他認為，外匯儲備嚴格用於實施貨幣政策。

Schlegel mentioned that crypto proves difficult to preserve value over time due to its significant price fluctuations. He also pointed out that crypto was software and could be prone to security risks such as data breaches and software bugs.

施萊格爾（Schlegel）提到，由於其價格明顯波動，加密貨幣很難在隨著時間的流逝而保持價值。他還指出，加密貨幣是軟件，並且可能容易出現安全風險，例如數據洩露和軟件錯誤。

Time will tell whether the SNB will change its strategy or maintain a conservative approach focused on implementing monetary policy.

時間會說明SNB是否會改變其戰略或保持專注於實施貨幣政策的保守方法。