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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Pro-Crypto Group Attempts To Get Bitcoin Added As A Swiss Reserve Currency

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin swiss franc btcchf gold

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Bitcoin is a lot of different things to different people. It is a store of wealth, a transfer of value, an insurance policy against the unknown, and even a source of hope.

Soon, one pro-crypto group hopes to get Bitcoin added alongside gold and the dollar as a Swiss Reserve Currency. Here’s why that would be an important nod of approval for the cryptocurrency, and why it might unfortunately never happen.

Can A Cryptocurrency Become The Global Reserve Currency?

In addition to the growing list of what Bitcoin is the answer to, the cryptocurrency is now also preserving corporate treasuries and hedge funds from inflation.

It is serving almost all of the same purposes as gold as a monetary asset yet does it better by a large margin. Institutions have taken notice, and expect the asset to appreciate faster than anything else on the face of the planet.

Related Reading | Bitcoin Held By Public Companies Now On Par With Past Market Cap

And as the cryptocurrency becomes more widely adopted and matures, it will eventually assume other roles and continue to grow its foothold over finance.

Some of the smartest minds in the world believe that Bitcoin could eventually become the global reserve currency. Among the next stops for the still very young cryptocurrency, is to become a reserve currency first, and one pro-Bitcoin group is trying to achieve just that.

bitcoin swiss franc btcchf gold

Bitcoin trading against the Swiss franc in 2020 | Source: BTCCHF on TradingView.com

Pro-Crypto Group Pushes For Bitcoin To Be Added To Swiss Reserve Currency List

A pro-cryptocurrency group is trying to get Bitcoin added to Switzerland’s list of reserve currencies, next to the franc, dollar, and gold.

Switzerland is the only country in the world, that within its constitution, article 99 focuses on a specific monetary policy where central banks in the country are “obligated” to hold gold.

According to Robert Sharratt, Managing Director of CrescoFin SA, “the Swiss are common sense people.”

“They know what happens when you print too much paper money,” he added. Sharratt and others that are part of his initiative believe that Bitcoin serves a similar enough role as gold in the world of finance, but arrived after the constitution was created.

Sharratt’s pitch is that “if you like gold, you’re going to like Bitcoin even more.”

Related Reading | Bitcoin Consumes As Much Power As Switzerland, But Environmental Impact Remains Negligible

If Sharratt and his colleagues are successful in their goal, it would bring the cryptocurrency another step closer toward becoming the global reserve currency many have been positioning it as.

And if that happens, it will become the first non-sovereign reserve currency since gold and seashells, replacing the dollar’s dominance and ending a century of currency-led control.

 

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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