The possibility of a central bank accumulating Bitcoin, once considered a fantasy, is taking shape in Switzerland. The Swiss country is in a process of analyzing amendments to its federal Constitution to empower the Swiss National Bank (SNB) to incorporate Bitcoin into its reserves, equating it with gold. This proposal, driven by a group of cryptocurrency advocates, expresses Switzerland's ambition to position itself at the forefront of the global financial system.
At the end of 2023, the Swiss Federal Chancellery formalized a proposal to reform Article 99 of the Constitution. This initiative suggests that the SNB add Bitcoin to its reserve assets, alongside gold. Supporters of this transformation argue that it would represent a crucial step towards greater financial autonomy for Switzerland. Giw Zanganeh, vice president of Tether and one of the proponents of the proposal, communicated in late 2024 through the X platform (formerly Twitter) that this action reflects the vision of a 'financially autonomous and responsible Switzerland.'