Samuel Kullmann Advocates for Bitcoin in Central Bank Reserves
Samuel Kullmann, a member of the Swiss Parliament, has launched a campaign for a constitutional referendum to mandate the Swiss National Bank (SNB) to hold part of its reserves in Bitcoin. To bring the proposal to a referendum, 100,000 signatures are required.
Kullmann is seizing every opportunity to promote Bitcoin as part of Switzerland’s financial future. His efforts are already bearing fruit, with crypto advocates submitting a proposal to have SNB hold reserves not only in gold but also in Bitcoin.
Skepticism from the SNB Chairman and the Public
Despite the increasing prominence of the crypto agenda in Switzerland, the public remains skeptical about including Bitcoin in the national reserve. SNB Chairman Martin Schlegel, speaking at an event organized by Aargauische Kantonalbank, referred to Bitcoin and other cryptocurrencies as niche phenomena.
Schlegel emphasized that cryptocurrencies’ high volatility makes them unreliable as a payment method. He also highlighted concerns about Bitcoin’s energy consumption and its potential misuse in illegal activities.
Criticism from Online Users
Some social media users have expressed doubts about the initiative. User @PB3g3r called the proposal merely a tool for Kullmann’s educational or re-election campaign. Others, like Till Könneker, stated that Swiss citizens would never vote for such a constitutional amendment.
Bitcoin in the Context of Swiss Constitution
Calls for greater Bitcoin integration in Switzerland are not new. The Bern Canton Parliament had previously approved a proposal to use excess energy for Bitcoin mining, aimed at stabilizing electricity costs and creating economic opportunities.
This proposal was approved on March 14, 2024, with support from five political parties. Despite government opposition, the Grand Council passed the motion with a vote of 85 to 46.
Moving Toward a Referendum and Constitutional Change
The approval of the Bitcoin mining initiative has strengthened Kullmann’s resolve to succeed with the referendum. He believes that constitutionally embedding Bitcoin in Switzerland’s financial reserves is feasible and could bring economic benefits while fostering technological advancement.
Conclusion
While the chances of Bitcoin being included in the Swiss Constitution remain uncertain, Kullmann’s initiative raises important questions about the future of cryptocurrencies within traditional financial systems. The referendum’s outcome will be a key indicator of Switzerland’s stance on Bitcoin.
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