Martin Schlegel, SNB governor, said on Friday: "Cryptocurrencies' market liquidity in times of crisis is called into question, and their high volatility is also a major risk for long-term value preservation. In short, it can be said that cryptocurrencies do not currently meet our high requirements for a reserve currency." He was responding to a proposal by the Bitcoin Initiative, an advocacy group, to increase its bitcoin holdings. The group's research said that if 1% of its investment was allocated to bitcoin in 2015, the SNB's overall return would almost double and volatility would increase only slightly.