In a significant move that could reshape the financial landscape, advocates in Switzerland are rallying to amend the Constitution to mandate the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves. This initiative, led by a coalition of cryptocurrency supporters including prominent figures like Yves Bennaïm from the think tank 2B4CH, aims to secure 100,000 signatures from Swiss citizens within the next 18 months to trigger a referendum.
The proposal, officially registered in the Federal Gazette, seeks to modify Article 99 of the Swiss Constitution. The amendment would state that the SNB should build its reserves not only from earnings but also include Bitcoin alongside traditional assets like gold. The text does not specify the exact amount of Bitcoin that should be held, leaving room for future discussions on its integration into the national financial strategy.
Proponents argue that incorporating Bitcoin into the SNB’s reserves would enhance Switzerland’s financial sovereignty and neutrality amid global economic uncertainties. Bennaïm emphasized that this move is crucial for maintaining independence from foreign monetary policies, particularly those of the European Central Bank.
This isn’t the first attempt to include Bitcoin in Switzerland’s national reserves. A previous initiative in 2021 failed due to insufficient public support. However, advocates believe that recent developments in the cryptocurrency market and growing acceptance of digital assets could bolster their chances this time around. Notably, Bitcoin’s recent price surge and increased global interest in cryptocurrencies are seen as favorable factors.
The SNB has historically been cautious about cryptocurrencies, citing concerns over their volatility and potential risks associated with money laundering. Nevertheless, as Switzerland continues to position itself as a leading hub for blockchain innovation—evident in regions like Crypto Valley—this new initiative reflects a broader trend towards embracing digital currencies within mainstream finance.
As the campaign progresses, it will be critical for supporters to effectively communicate the potential benefits of Bitcoin as a reserve asset to gain public backing and navigate any regulatory hurdles. The outcome of this initiative could have profound implications not only for Switzerland’s financial policy but also for the future of cryptocurrency adoption globally.
