Thomas Jordan, the chairman of the Swiss National Bank (SNB), recently voiced concerns about the possibility of incorporating bitcoin into the bank’s reserve assets. During the bank’s annual general meeting, Jordan discussed the implications of such a move. Despite ongoing debates and pressure to include cryptocurrencies in national reserves, the SNB has not committed to investing in bitcoin.
Jordan emphasized the need for the bank’s reserves to maintain certain qualities. “We have not yet decided that we want to invest in bitcoin — actually for good reasons. Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them,” he stated. This highlights the SNB’s priority to ensure that its reserves remain effective for international transactions.
Furthermore, Jordan pointed out potential negative impacts of adopting bitcoin, such as the significant energy consumption required for bitcoin mining and transactions, which could lead to increased carbon emissions. This consideration aligns with broader concerns about the environmental impact of cryptocurrencies that we are seeing across the board. Nevertheless, they seem to be part of a some sort of smear campaign, as most claims have already been debunked in the past. Recently, GreenpeaceUSA targeted Bitcoin, but immediately found itself in stormy waters, receiving tons of criticism and counter actions. For example, renowned researcher Daniel Batten explained why GreenpeaceUSA was in over its heads.
Two of Bitcoin’s strongest advocates, Michael Saylor and Max Kaiser, has already defended Bitcoin’s carbon footprint back in March of 2020.