A proposal to amend the Swiss constitution requiring the National Bank to hold Bitcoin in reserves has been officially launched, needing 100,000 signatures to trigger a referendum.
On December 31, the Federal Office of Switzerland officially registered a proposal to amend the Constitution, opening the possibility of adding Bitcoin to the list of national reserve assets. If approved, this proposal will mark a significant turning point in recognizing Bitcoin as an official reserve asset at the national level.
This initiative was initiated by a group of 10 Bitcoin supporters, including Mr. Giw Zanganeh, Vice President of Energy and Mining at Tether, and Mr. Yves Bennaïm, founder and Chairman of the non-profit Think Tank 2B4CH.
The proposal was submitted on December 5 and officially published in the Federal Gazette of Switzerland on December 31. The goal of the proposal is to build a 'strong, sovereign, and responsible Switzerland' by diversifying national reserves with the addition of Bitcoin.
The rocky road to a referendum
For the above proposal to be put to a referendum, the supporting group needs to collect 100,000 signatures, equivalent to 1.12% of the Swiss population (approximately 8.92 million people) by June 30, 2026. This is a significant challenge, requiring strong advocacy efforts from Bitcoin supporters.
According to Mr. Bennaïm, Think Tank 2B4CH has been preparing for this since April, after delaying the initial submission in October 2021 due to unfavorable conditions. Choosing the current timing to launch the proposal indicates the supporters' confidence in the changing perception of Bitcoin in recent times.
Specifically, the proposal seeks to amend Article 99, Paragraph 3 of the Swiss Federal Constitution, adding Bitcoin to the list of reserve assets alongside gold. This constitutional amendment is the core goal of 2B4CH. The success of this proposal will set an important precedent for other countries considering incorporating Bitcoin into national reserves.
Switzerland, with its tradition of neutrality and strong financial system, is seen as a potential environment for the development of Bitcoin. The city of Lugano, with a population of about 63,000, has witnessed widespread adoption of Bitcoin, with over 260 merchants accepting payments in this cryptocurrency.
However, the Chairman of the Swiss National Bank (SNB), Mr. Martin Schlegel, recently expressed concerns about using Bitcoin as a means of payment and the energy consumption of the network. This highlights the division of opinion on Bitcoin even within Switzerland.
On an international level, the U.S. is also considering holding Bitcoin, but unlike Switzerland, the U.S. Treasury will be the managing entity if the bill is passed. Brazil and Poland are also countries contemplating this idea.
