The Swiss Federal Chancellery, the key staff organization for the Swiss government, has greenlit the “Bitcoin Initiative,” a new proposal to adopt Bitcoin as part of the Swiss National Bank’s (SNB) reserve assets, alongside traditional gold holdings.
The proposal has now been approved for public discussion, paving the way for a nationwide referendum if it collects enough support.
The initiative, led by Yves Bennaïm and backed by influential figures in the cryptocurrency space, seeks to amend Article 99 of the Swiss Constitution, which would mandate that the SNB allocate a portion of its reserves to Bitcoin.
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The proposed amendment’s goal is to enhance Switzerland’s financial stability and sovereignty, especially with growing interest in cryptocurrencies across the globe. Proponents believe that Bitcoin’s decentralized nature and deflationary characteristics could provide a hedge against inflation and currency fluctuations.
With the confirmation from the Federal Chancellery, the initiative has met all the necessary paperwork requirements and can now move forward in the process of potentially becoming law.
The initiative now goes to the Federal Assembly, or the Swiss parliament, for discussion. After that, a national vote will be held where all Swiss citizens can decide.
Apart from support, the initiative also faces skepticism due to Bitcoin’s volatile nature. Critics suggest that tying national reserves to an unpredictable asset could jeopardize Switzerland’s renowned economic stability. The imminent debate is expected to intensify as supporters work to gather over 100,000 signatures needed for a referendum by June 2026.
Historically, Switzerland has been cautious about adopting cryptocurrencies at a governmental level. In 2022, former SNB President Thomas Jordan stated that Bitcoin did not meet the criteria for currency reserves. Yet, with changing attitudes towards digital assets globally, such as the US approval of spot Bitcoin ETFs after a long period, the Swiss may be reconsidering their stance.
If successful, this initiative could position Switzerland as one of the first countries to constitutionally recognize Bitcoin within its monetary framework. The outcome of this proposal may not only reshape Swiss financial policy but also influence how central banks worldwide approach digital currencies.
The Swiss National Bank currently holds approximately 1,040 tons of gold in its reserves, valued at around $27 billion. The country ranks as the world’s third-largest holder of gold reserves, following America and Germany.
National Bitcoin Reserves Expected to Flourish under Trump Administration
A December report from Bitcoin exchange River reveals that thirteen countries already hold Bitcoin as a reserve asset, with ongoing discussion surrounding similar moves from other nations like Brazil and Poland. Earlier this month, a Russian lawmaker had proposed that its central bank consider Bitcoin as a reserve asset.
The number of countries integrating Bitcoin into their respective reserves are poised to grow under the incoming Trump administration. Trump has expressed support for establishing a national Bitcoin reserve.
In the country that leads the global economy, there is a growing BTC adoption among public companies and states.
The Texas House of Representatives recently introduced legislation aimed at creating a state-level Bitcoin reserve. This initiative would allow Texas to accumulate Bitcoin through taxes, fees, and donations, positioning it as a hedge against inflation and economic uncertainty.
Republican state Representative Giovanni Capriglione stated that this strategic reserve could enhance the state’s fiscal resilience and serve as a pioneering model for other states and potentially the federal government.
Despite some occasional transfers under the current administration, the U.S. government still holds 198,109 BTC, worth around $18.5 billion, Arkham’s data shows. Trump has pledged not to sell these existing holdings.
Moreover, there are proposals suggesting that the U.S. Treasury could purchase additional Bitcoin annually to build a substantial reserve over time.
Republican Senator Cynthia Lummis, also a known Bitcoin supporter, has introduced legislation advocating for the Treasury to acquire 200,000 Bitcoins each year for five years, potentially amassing a total of 1 million Bitcoins in reserves.
If realized, the strategy could position the U.S. as one of the largest holders of Bitcoin, accounting for approximately 5% of the total supply.
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