![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Saturday, April 08, 2023 5:44:37 PM
NEWS
Bitcoin: Swiss National Bank interested in buying BTC – What this means for price and market
By STEVE MUCHOKI 8. April 2023
Earlier last year, Swiss National Bank officials concluded that Bitcoin has not yet met the set requirements to be added to their balance sheet as a reserve currency.
Bitcoin price has dropped approximately 33 percent since April last year to trade around $28k.
The Bitcoin market has grown over the years to a global community of over 56 million holders. Trading around $28k on Friday, Bitcoin has attracted institutional investors for outperforming traditional market equities. According to market data provided by TradingView, Bitcoin price is up approximately 70 percent YTD, Gold has gained about 9 percent, while the Dow Jones has only added 1 percent since the calendar flipped.
As a result, publicly traded companies have been slowly adding Bitcoin among other crypto assets to their balance sheet. According to market data provided by Coingecko, a total of 174,374 Bitcoins are held by publicly traded companies around the world.
The largest share is held by MicroStrategy Inc. with approximately 129,699 Bitcoins, worth about $3.6 billion. Others include Coinbase Global and crypto mining companies like Marathon Digital. However, the global banking industry has not invested in Bitcoin due to regulatory constraints.
Swiss Banks on Bitcoin
The banking industry in Switzerland has experienced significant challenges in the recent past. Already, Credit Suisse collapsed and was taken over by UBS under the government’s watch. In their defense, the Swiss Financial Market Supervisory Authority (FINMA) blamed the Credit Suisse leadership for the collapse of the second-biggest bank in the country.
As a result, Swiss banks have begun looking into the Bitcoin and crypto market to ensure future growth prospects. For instance, PostFinance, the fifth-largest financial services company in Switzerland, is set to offer cryptocurrency services to over 2.69 million customers through a partnership with Sygnum Bank.
In a recent TV interview, the Vice President of the Swiss National Bank (SNB) Martin Schlege noted that Bitcoin is very interesting.
Follow us for the latest crypto news!
Earlier last year, Swiss National Bank Chairman Thomas Jordan said at the central bank’s annual general meeting that the Bank is against holding Bitcoin as a reserve currency. During the meeting, Jordan added that the Bank is not yet convinced that Bitcoin meets the set requirements for a reserve currency.
“Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan said. “We can arrange the technical and operative conditions relatively quickly when we are convinced we must have Bitcoin in our balance sheet.”
Bigger Picture
The Bitcoin price has significantly benefited from the global banking crisis, which began with three United States regional banks. Notably, investors have been fleeing the banking industry to self-crypto custody. As a result, the United States federal government has identified the decentralized financial ecosystem as a threat to national security.
Note: The government used to say the same thing about gold buyers back in the 1970s! They and the media accused gold and silver buyers if being Anti-Dollar/American…in reality, when Nixon took us off the gold standard so they (the Fed and the government could destroy the dollar, THAT WAS AND IS ANTI-AMERICAN!!!
Now here we at with Bitcoin and other cryptos, etc. NOT A HARD DECISION WHEN THE GOVERNMENT DOESN’T LIKE IT…IT’S MOST “ALWAYS” A GOOD INVESTMENT!!!
HISTORY IS KNOWLEDGE!!!
Recent BTCUSD News
- Investment Giant VanEck Expects US Election Catalyzes Fresh All-Time Highs for Bitcoin (BTC) – Here’s Why • The Daily Hodl • 07/08/2024 06:05:07 PM
- Bitcoin bottom is in, but market news still pose threat: Bitfinex • Crypto Briefing • 07/08/2024 05:51:35 PM
- Bitcoin ‘Extreme Greed’ Is Almost Here: Price Bottom Now Close? • NEWSBTC • 07/08/2024 05:30:44 PM
- German government moves $895 million in BTC; crypto exec calls dump “overestimated” • Crypto Briefing • 07/08/2024 05:24:19 PM
- Khamzat Chimaev ‘wasn’t involved’ with SMASH memecoin — Manager • Cointelegraph • 07/08/2024 05:00:39 PM
- Khamzat Chimaev ‘wasn’t involved’ with SMASH memecoin — Manager • Cointelegraph • 07/08/2024 05:00:00 PM
- Bitfarms announces new CEO, Riot launches campaign as corporate dispute escalates • Cointelegraph • 07/08/2024 04:46:36 PM
- Ampleforth introduces ‘low-volatility’ alternative to fiat stablecoins • Cointelegraph • 07/08/2024 04:30:00 PM
- Is This Ethereum ICO Project To Blame For ETH’s Price Slump? • NEWSBTC • 07/08/2024 04:00:14 PM
- Cynthia Lummis backs Ian Cain over crypto lawyer John Deaton for Senate • Cointelegraph • 07/08/2024 03:14:09 PM
- Bitcoin price seesaws near $56K as US stocks post fresh all-time highs • Cointelegraph • 07/08/2024 03:07:26 PM
- Bitcoin Starts July On A Bearish Note, Will CPI Data Change The Narrative This Week? • NEWSBTC • 07/08/2024 02:30:01 PM
- Bitcoin ‘potentially reached’ local bottom, Bitfinex says • Cointelegraph • 07/08/2024 02:04:49 PM
- Memecoins and AI are pushing Gamefi out of the spotlight • Cointelegraph • 07/08/2024 01:53:14 PM
- Is Bitcoin price going to crash again? • Cointelegraph • 07/08/2024 01:46:54 PM
- Halliday Launches Commerce Network Backed by a16z and #Hashed • ChainWire • 07/08/2024 01:00:04 PM
- Mass Adoption? NEAR Protocol Sees Over 12 Million Unique Addresses In 30 Days • NEWSBTC • 07/08/2024 01:00:01 PM
- Here’s what happened in crypto today • Cointelegraph • 07/08/2024 12:53:05 PM
- German gov’t shifts further 3K BTC in 1 hour • Cointelegraph • 07/08/2024 12:14:56 PM
- Solana dominates altcoin inflows as investors buy last week’s dip • Crypto Briefing • 07/08/2024 12:03:31 PM
- Crypto Veteran Meltem Demirors Says One Emerging Crypto Sector Will Give Rise to Dozens of Multi-Billion Dollar Firms • The Daily Hodl • 07/08/2024 11:45:51 AM
- Bybit lists Hamster Kombat’s token for pre-market trading • Cointelegraph • 07/08/2024 11:22:03 AM
- Bitget Wallet Launches "TONNECT 2024", Accelerates Growth of the TON Ecosystem • ChainWire • 07/08/2024 11:00:10 AM
- Bitcoin weakness spurs $441M digital asset inflows • Cointelegraph • 07/08/2024 10:32:21 AM
- German Government Dumps $27.9M in Bitcoin to Bitstamp and Coinbase As Market Fear Resurges • ZyCrypto • 07/08/2024 10:26:22 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM