PANews reported on March 2 that according to Cointelegraph, Martin Schlegel, president of the Swiss National Bank (SNB), said that Bitcoin is not suitable as a reserve asset for Switzerland, citing lack of stability, liquidity issues and security risks. Martin Schlegel said that Bitcoin and other cryptocurrencies are too volatile to maintain the value of SNB investments. "Secondly, our reserves need to be highly liquid so that they can be used quickly for monetary policy purposes when needed." In addition, he pointed out that because Bitcoin and cryptocurrencies are run by software, they are inherently vulnerable to errors and technical vulnerabilities.