On December 31, 2024, the Federal Chancellery of Switzerland officially added the 'Bitcoin Initiative' to its register, aiming to include Bitcoin in the reserves of the Swiss National Bank through a constitutional amendment. This proposal not only reflects Switzerland's innovative spirit in the global financial market but also marks the potential status of Bitcoin as a legal currency.
According to the initiative, the Swiss National Bank (SNB) will be required to include Bitcoin in its currency reserves alongside gold. This initiative will amend Article 99, Paragraph 3 of the Swiss Federal Constitution, adding the following clause: 'The national bank has established sufficient currency reserves from its own income; a portion of these reserves consists of gold and Bitcoin.'
This historic initiative was proposed by the Swiss Cryptocurrency Advocates Alliance, with key figures including Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of the Bitcoin non-profit organization 2B4CH. To advance this proposal, the advocacy group needs to gather 100,000 valid signatures within the next 18 months (by June 30, 2026). According to the statistics of Switzerland's approximately 8.9 million population, this goal requires support from about 1.12% of citizens. If successful, the proposal will be submitted to the Swiss Federal Assembly for review.
In fact, a similar proposal was made in 2021, but it failed due to a lack of widespread public and institutional support. At that time, the concept of national strategic holding of Bitcoin was still in its infancy. However, today the national strategic concept for Bitcoin has gained significant traction, and the preparatory work for this initiative has been more systematic. Advocates have been organizing and preparing documentation for this initiative since April 2024, greatly increasing the chances of success.
However, the success of this proposal will depend on whether the advocates can effectively organize the community and encourage more citizens to participate in support. To this end, one of the main leaders, Giw Zanganeh, has called on social media for the community's full support to collect the required signatures within the specified time. He pointed out that the success of the proposal is not only about the status of Bitcoin but also about Switzerland's future financial strategy.
Switzerland has long been regarded as one of the most crypto-friendly countries, with over 1,200 blockchain companies located within its borders and the famous 'Crypto Valley'—a blockchain hub located in Zug. This region brings together a large number of cryptocurrency and blockchain-related businesses, including 13 unicorn companies valued over $1 billion.
Additionally, the city of Lugano in Switzerland is at the forefront of Bitcoin adoption. Since December 2023, the city has begun accepting Bitcoin for tax payments and hosts the annual 'Plan ₿' Bitcoin conference, attracting crypto enthusiasts from around the world.
Although the Swiss National Bank holds a cautious attitude towards Bitcoin, considering it still a 'niche phenomenon' and facing risks related to volatility, energy consumption, and illegal activities, this has not hindered the widespread acceptance and application of Bitcoin in Switzerland. Through this initiative to include Bitcoin in the national reserves, supporters hope to further consolidate Switzerland's financial independence and strengthen its neutral position.
Furthermore, if Switzerland successfully incorporates Bitcoin into its national reserves, it could bring significant economic benefits to the country. According to Luzius Meisser, a board member of BitcoinSuisse, if the Swiss National Bank were to buy Bitcoin worth 1 billion Swiss francs every month starting from 2022, Switzerland's wealth could increase by approximately 30 billion Swiss francs (about 3.29 billion USD). This potential financial benefit makes the proposal even more attractive.
Meanwhile, in addition to Switzerland, lawmakers in Hong Kong have recently advocated for Bitcoin to be used as a national reserve to enhance economic competitiveness. This phenomenon indicates that more and more countries and regions are beginning to recognize Bitcoin's potential as a financial asset, especially against the backdrop of increasing global economic uncertainty. The potential economic and social impacts of Bitcoin will become more significant, and the future financial landscape may undergo profound changes due to the legalization of Bitcoin.
In summary, the future of Bitcoin remains uncertain, but this initiative from Switzerland undoubtedly provides new perspectives and opportunities for the legalization and acceptance of cryptocurrency globally. Over time, we will watch closely the progress of this proposal and its far-reaching impact on the Swiss and global financial systems.