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The return to zero comes as tariffs threaten to deflate nations with trade surplus, such as Switzerland and China.
Jun 19, 2025, 8:47 a.m.
A COVID-era feature that characterized the bull run in all corners of financial markets, including bitcoin
, has made a comeback in Switzerland, one of the most financial powerhouses of the world.
The Swiss National Bank (SNB) cut its interest rate to zero on Thursday, to counter falling inflation, appreciating Swiss franc (CHF) and economic uncertainty caused by President Donald Trump’s trade war.
The return to zero comes as tariffs threaten to deflate nations with trade surplus, such as Switzerland and China.
The latest rate cut is bank’s sixth straight move since it started reducing borrowing costs in March 2024.
The SNB’s return to zero may be a sign of things to come across Europe and other advanced nations. A broad based return to zero interest rate policy (ZIRP) may bode well for bitcoin.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
