瑞士国家银行（SNB）总裁马丁·施莱格尔（Martin Schlegel）拒绝持有比特币储备金

瑞士国家银行（SNB）总统马丁·施莱格尔（Martin Schlegel）拒绝了持有比特币储备，原因是市场流动性和波动性是这样做的原因。

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

瑞士国家银行（SNB）总裁马丁·施莱格尔（Martin Schlegel）拒绝了持有比特币储备的想法，强调了市场流动性和波动性作为关键因素。

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报道的那样，Schlegel对Bitcoin Initiative的Finanz和Wirtschaft的专栏作出了回应，该倡议提倡SNB储备金，这突显了SNB Investments自2015年以来增长了约10％。如果使用Enbelvelope分析，如果SNB将比特币添加了1％的储备金，则它将其返回两倍，几乎两倍。此外，SNB投资组合的波动性只会略有增加。

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.

比特币倡议得出的结论是，比特币的波动性不应孤立地分析，而应与当前投资组合中的其他资产一起考虑。该比特币倡议进一步指出，比特币对市场压力有弹性，即使拥有大量资本，也可以在银行假期中使用。

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，施莱格尔（Schlegel）不同意，称储备金需要高度的流动性才能快速买卖外币。他还重申，比特币的波动性很高，因此很难将其包括在其投资组合中。

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

Schlegel补充说：“我们需要能够保持对银行储量可靠性的控制。”

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.

比特币的波动极高使该货币成为银行的风险资产。因此，尽管许多拥护者推动了比特币储备，但SNB仍然对加密货币保持了保守的立场。在瑞士采用比特币储备有很多兴趣。但是，在这一点上，施莱格尔总统似乎对比特币对瑞士银行的适合性并不相信。

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.

比特币倡议认为，SNB应该急切地考虑比特币储备，以抵消特朗普的关税造成的风险。他们认为，银行应考虑多样化其储备，并包括一种被称为数字黄金的货币。全民投票运动已经开始改变宪法，并迫使SNB持有比特币和金储备。

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，施莱格尔仍然坚定地遵守他的战略，称流动性和波动性是打折比特币的因素。他声称该银行应该能够随时买卖货币。

“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解释说：“外汇储备的单位是流动性的，因为它们可以迅速转化为其他货币或资产而不会损失价值。”

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总裁以前反对比特币储备的想法。上个月，他说SNB没有购买加密货币的计划。他认为，外汇储备严格用于实施货币政策。

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.

施莱格尔（Schlegel）提到，由于其价格明显波动，加密货币很难在随着时间的流逝而保持价值。他还指出，加密货币是软件，并且可能容易出现安全风险，例如数据泄露和软件错误。

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

时间会说明SNB是否会改变其战略或保持专注于实施货币政策的保守方法。