A group of cryptocurrency activists in Switzerland has just launched a campaign to amend the constitution to compel the Swiss National Bank (SNB) to include $BTC in the national reserves, alongside gold. Despite many obstacles ahead, this move is attracting significant attention within the crypto community.
The goal of the campaign
The non-profit group 2B4CH, led by scholar Yves Bennaïm, is calling for a constitutional amendment to include Bitcoin in the national reserve asset category of #SNB . The main reason cited is Bitcoin's outstanding performance over the past decade, becoming the highest-yielding asset.
Bennaïm argues:
"Gold has been included in the constitution. Bitcoin, the best-performing asset of the decade, deserves to be considered part of the national reserves."
A long road ahead
This campaign has just achieved its first milestone with the approval from the Federal Office of Switzerland last week. However, the #2B4CH group needs to collect 100,000 signatures within 18 months to submit the proposal to the Swiss Parliament.
If approved by Parliament, the Swiss people will have the right to vote on the constitutional amendment. According to Bennaïm, this process could take more than 3 years.
Nevertheless, the group remains optimistic and focused on mobilizing the crypto community in Switzerland, leveraging the strength of Bitcoin enthusiasts along with their families and friends.
The perspective of the Swiss National Bank
The Swiss National Bank has previously expressed skepticism about cryptocurrencies. Martin Schlegel, Chairman of the SNB, is concerned about energy consumption and Bitcoin's connection to illegal activities.
Thomas Jordan, former Chairman of the SNB, has also criticized Bitcoin for its liquidity and price volatility:
"Currency reserves need to be liquid, retain value, and be easily tradable. Bitcoin currently does not meet these requirements adequately."
The right moment?
The campaign takes place in a favorable context:
• US President-elect Donald Trump has committed to establishing a Bitcoin reserve fund during his election campaign.
• Germany is also considering the possibility of including Bitcoin in the national reserves through its Central Bank.
• Many other countries are expected to start holding Bitcoin this year, according to predictions from Franklin Templeton.
• Switzerland is witnessing the development of crypto services with the involvement of the state bank PostFinance.
The influence of the campaign
If successful, this initiative will not only shape the economic future of Switzerland but also set an important precedent for other countries. With $927 billion in current assets, the SNB's inclusion of Bitcoin in reserves would mark a historic turning point in finance.
Although Bitcoin is currently down slightly by 1.8% in the past 24 hours, to a level of $93,838, the 2B4CH group's campaign still promises to create a significant impact in the future.