A coalition of cryptocurrency enthusiasts in Switzerland is encouraging the government to consider incorporating Bitcoin into the national reserves.
The Swiss Federal Chancellery has taken the initial steps to gather enough signatures to propose an amendment to the nation’s constitution. This amendment would enable the Swiss National Bank to hold Bitcoin as part of its reserves.
Bitcoin Initiative Gathers Momentum
Towards the end of 2024, the Swiss Federal Chancellery began actively pursuing the initiative to include cryptocurrency in Switzerland’s economic ledger. A government official explained that this proposal aims to adjust specific sections of the Swiss Federal Constitution to allow the Swiss National Bank to purchase Bitcoin as part of its national reserve strategy.
Gunther Schnabl tweeted, "Swiss central bank faces call to hold #bitcoin in reserves," reflecting the ongoing discussions.
Having assessed the potential merits, the Swiss Federal Chancellery moved forward with the crypto initiative, acknowledging that the proposal meets the necessary legal criteria. Officials noted on the Fedlex website, “For a financially sound, sovereign and responsible Switzerland (Bitcoin Initiative)” aligns with the stipulations of Article 69 paragraph 2 of the Federal Act of December 17, 1976, on Political Rights.
Target: 100,000 Signatures
For this constitutional amendment to progress, the initiative must secure approximately 100,000 signatures from residents of Switzerland. This would mandate the central bank to incorporate Bitcoin alongside gold in the nation’s monetary reserves.
The goal is to gather the required signatures by June 30, 2026, to put forward the proposal, which seeks an amendment to Article 99 Paragraph 3 of the federal constitution. This amendment would introduce a clause stating, “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves consists of gold and Bitcoin.” Such a clause would authorize the central bank to include this leading digital asset in its reserves.
A Long Road Ahead
According to reports, to change the constitution, cryptocurrency supporters need to rally roughly 1.12% of the Swiss population—around 8.92 million individuals—to support the initiative.
If the signature requirement is fulfilled, the Bitcoin Initiative will proceed to the Swiss Federal Assembly for formal review by the bicameral parliament.
This proposal was submitted by a group of ten cryptocurrency proponents in Switzerland, advocating for the government to embrace Bitcoin in its national reserves. Among the advocates are notable figures like Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of 2B4CH.
However, the Swiss National Bank remains cautious about cryptocurrencies, citing concerns over the risks associated with Bitcoin. Martin Schlegel, Chairman of the Swiss National Bank’s Governing Board, views Bitcoin and similar digital assets as still being a “niche phenomenon.” He also pointed out the volatility of cryptocurrencies and their often contentious associations.
The featured image is from Newsweek, and the chart is courtesy of TradingView.
