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Bitcoin: Swiss National Bank interested in buying BTC – What this means for price and market

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.

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. 

DUDE Hear this and buy this fucking coin, Vice President Of the SWISS NATIONAL BANK!!! #bitcoin #inflation

— Fiatbomb (@Kanthadax) April 6, 2023


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