A Swiss group has submitted a proposal that would constitutionally require the Swiss National Bank (SNB) to add Bitcoin to its reserves.
The proposal was officially registered in the Swiss Official Gazette on December 31, 2024, and requires 100,000 signatures to be collected within 18 months to trigger a referendum by mid-2026.
The initiative is led by prominent figures such as Geo Zanganeh of Tether and Yves Benaim of 2B4CH.
Global context of Bitcoin adoption:
2024 saw a major boom in Bitcoin adoption, including the US Securities and Exchange Commission approval of Bitcoin ETFs and its inclusion as a central issue in the US election.
Bitcoin has crossed the $100,000 mark amid widespread adoption.
Countries like El Salvador and Bhutan have large Bitcoin reserves, while governments in Switzerland, Brazil, and Poland are discussing the idea of boosting their reserves with Bitcoin.
Russia has confirmed its use of Bitcoin to settle international payments, adding to global political momentum in support of cryptocurrencies.
Challenges of adopting Bitcoin as an official reserve:
Despite the growing support, adopting Bitcoin as an official reserve raises questions about its impact on the economic influence of major countries, especially the United States, which may face challenges if the use of Bitcoin expands, which means reducing the role of the US dollar as a global reserve currency.
