瑞士国家银行主席警告比特币的“非常高”的波动率风险货币稳定性

瑞士国家银行（SNB）主席马丁·施莱格尔（Martin Schlegel）强烈反对将比特币整合到该机构的货币储备中

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.

瑞士对传统的猛烈辩护面临着一项地震加密挑战，因为呼吁在国家储备中增加比特币的呼吁面临推回，强调了在经济动荡和地缘政治转变方面的全球斗争。

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.

瑞士国家银行（SNB）主席马丁·施莱格尔（Martin Schlegel）强烈反对将比特币纳入该机构的货币储备中，他的评论发表在伯尔尼（Bern）的股东大会上，在4月25日对该话题进行了激烈的讨论。

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.

随着通货膨胀的恐惧和地缘政治转变的加剧，加密货币支持者发起了一项全民投票倡议，旨在通过将比特币与传统的黄金储备一起持有比特币来迫使SNB多样化其资产。他们认为，这样的举动将保护瑞士的财富免受系统性风险，尤其是在市场不稳定之后，部分与美国总统唐纳德·特朗普的关税政策有关。

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，施莱格尔的言论表明，中央银行可能会拒绝这些提案，并继续对数字货币的持续保守立场，尽管外部压力越来越大。

"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.

施莱格尔在大会上说：“我们正在密切关注加密货币领域的发展，但我们得出的结论是，加密货币目前无法满足我们对货币储备的要求。”

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

他解释说，SNB的货币储备政策优先于流动性高的资产，可在必要时快速买卖外汇。

"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."

“加密货币并非如此，通常以非常非常高的波动性为特征。换句话说，它们在短时间内的价值表现出强烈的波动。”

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

他补充说，这种波动性在维持银行储备金的韧性和稳定性方面构成了重大挑战。

"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."

“在危机时期，至关重要的是，我们可以迅速干预外汇市场以维持瑞士法郎的稳定性。我们的经验表明，当我们大规模干预时，例如，以数十亿欧元的价格购买法郎时，价格确实会朝着所需的方向转移。但是，为此，我们需要在不影响市场价格的情况下快速销售的资产。”

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

建议最高银行可能会投票反对将比特币纳入其储备中的提案。

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.

这不是施莱格尔第一次表示反对战略比特币储备。上个月，他同样告诉彭博电视台，SNB没有计划购买加密货币资产的计划，其外国交换储量严格用于实施货币政策。

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.

他说，由于价格明显波动，数字货币无法满足基本要求，例如保留价值。 Schlegel还提出了技术问题，并指出加密货币本质上是软件，并且容易受到错误的影响，从而进一步破坏了其可靠性。

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.

全球各国政府越来越多地参与有关建立战略比特币储备的讨论，这标志着对加密货币作为可行的国家资产的看法发生了重大转变。

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，美国通过合法扣押BTC创建战略性比特币储备，并为其他加密货币形成更广泛的数字资产库存，从而迈出了开创性的一步。这一举动自然引起了其他国家的兴趣和类似的考虑。

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，尽管这一全球趋势以及公民对用比特币多样化的国家资产的压力越来越大，但一些国家（例如日本和韩国）选择退出，拒绝提议将比特币纳入其储备中。这些决定通常是由于对波动性，流动性和加密货币市场的整体稳定性的担忧所驱动的。