A groundbreaking initiative in Switzerland advocates for the establishment of Bitcoin reserves and the inclusion of this cryptocurrency in the Swiss constitution. The proposal was put forward by Giw Zanganeh, Vice President of Tether Energy and Mining, and Yves Bennaïm, founder and president of the Swiss Bitcoin nonprofit organization 2B4CH, aiming to request the Swiss National Bank (SNB) to include Bitcoin in its monetary reserves alongside gold.
Today we officially launched the popular initiative to add #Bitcoin to the @SNB_BNS Swiss National Bank’s balance sheet. https://t.co/Y40yh9pW3X
We will need the full support of our community to gather 100k signatures and make this a national referendum. Details will follow…
— Giw Zanganeh (@gzanganeh) December 31, 2024
The proposed constitutional amendment aims to revise the current provisions requiring the Swiss National Bank to maintain gold reserves and add "as well as Bitcoin" to the terms. The proposal modifies Article 99, paragraph 3 of the Swiss Federal Constitution to read: "The national bank establishes sufficient monetary reserves from its own income; a portion of these reserves consists of gold and Bitcoin." Supporters believe this amendment is a strategic effort to protect Switzerland's sovereignty and neutral status in an increasingly turbulent global economic situation.
To initiate a national referendum, the advocacy group 2B4CH must collect 100,000 valid signatures from Swiss citizens within the next 18 months (by June 30, 2026). This threshold was not met during their first attempt in October 2021, but the group is now working hard to achieve this goal.
Luzius Meisser, a board member of Bitcoin Suisse, estimates that if the Swiss National Bank were to purchase Bitcoin worth 1 billion Swiss francs monthly starting from 2022, Switzerland's wealth today could have increased by approximately 30 billion Swiss francs (3.29 billion USD). This highlights the potential financial benefits of incorporating Bitcoin into the Swiss National Bank's reserves.
The Swiss National Bank has previously expressed skepticism about Bitcoin, with its chairman Thomas Jordan stating last month that he holds a cautious attitude towards cryptocurrencies like Bitcoin and Ethereum. However, supporters of the initiative believe that increasing Bitcoin reserves could confirm Switzerland's financial independence from major central banks like the European Central Bank and strengthen its neutral stance.
The success of this initiative could provide a blueprint for other countries and significantly shape Switzerland's financial strategy in the coming years. If successful, it would require review by the Swiss Federal Assembly to further solidify its potential impact on the Swiss financial landscape.
"100,000 signatures needed! Swiss Bitcoin supporters advocate for the establishment of Bitcoin reserves" This article was first published on (BlockTalk).
