The SNB’s Q1 2024 results reveal a CHF 12.8 billion profit, largely from gold reserves—though this could have been CHF 25 billion had it not sold half its gold in the early 2000s. The bank now holds CHF 300 billion in Eurozone sovereign debt and CHF 150 billion in US stocks, including a controversial CHF 150 million indirect Bitcoin bet through Michael Saylor’s Microstrategy. As Microstrategy acts as a Bitcoin proxy, the SNB unwittingly gains crypto exposure despite its aversion to digital assets. Critics question the bank’s strategy as gold losses contrast with risky equity and crypto-linked positions.
about SNB's Bitcoin Bet via Microstrategy Amid Gold LossesThomas Jordan
0 posts last weekSNB’s Schlegel Faces Dollar Crisis as Losses Mount
Martin Schlegel, the new head of the Swiss National Bank (SNB), faces a daunting challenge as the SNB’s massive foreign currency reserves—particularly in US-Dollars and Euros—plummet in value. The US-Dollar’s sharp decline (5% in a week) has led to staggering losses of CHF 16 billion, compounded by falling US tech stocks like Apple and Nvidia. Schlegel’s predecessor, Thomas Jordan, aggressively invested in foreign assets, leaving the SNB vulnerable. With the Swiss Franc strengthening and export industries struggling under new tariffs, Schlegel’s early interest rate cuts have drawn criticism. The SNB’s gold and Franc-heavy reserves may offer limited relief as the crisis deepens.
about SNB's Schlegel Faces Dollar Crisis as Losses MountInternational Candidates Considered for Julius Baer Chairmanship Position
Julius Baer is poised to appoint a new Chairman of the Board of Directors, with speculation surrounding former SNB CEO Thomas Jordan, though sources indicate a foreign candidate is more likely. UBS Switzerland’s Sabine Keller-Busse has been approached but is currently unavailable due to ongoing data migration tasks. The bank seeks a leader with substantial banking expertise to support new CEO Stefan Bollinger, as the successor to Romeo Lacher is expected to be announced soon, potentially a woman.
about International Candidates Considered for Julius Baer Chairmanship PositionSwitzerland’s Bitcoin Initiative and the Future of the Swiss National Bank
Switzerland’s National Bank (SNB) faces pressure to invest in Bitcoin as part of a popular initiative advocating for constitutional changes to enhance financial sovereignty. With Bitcoin’s limited supply and potential for significant price increases, proponents argue that early involvement is crucial for the country’s economic future. Meanwhile, the SNB’s recent record profits, largely from US equities and gold, raise questions about its investment strategy amid a growing lobby of Bitcoin enthusiasts.
about Switzerland's Bitcoin Initiative and the Future of the Swiss National BankCrypto Market Update Bitcoin Ethereum Solana and Regulatory Developments
Bitcoin (BTC) has stabilized above $95,000 after a year-end drop, while Ethereum (ETH) and Solana (SOL) also show signs of recovery. The crypto market is buoyed by Donald Trump’s election, which is expected to usher in a pro-crypto era, alongside Singapore’s rise as a crypto hub in Asia. Meanwhile, a Swiss lawmaker is advocating for Bitcoin’s inclusion in the national constitution, despite skepticism from the Swiss National Bank regarding Bitcoin as a reserve asset.
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