On December 31, a groundbreaking initiative emerged from the Swiss Federal Chancellery, aiming to incorporate Bitcoin into the Swiss National Bank’s (SNB) reserves. This proposal, led by a coalition of ten dedicated Bitcoin proponents, marks a significant moment for Switzerland, a country already renowned for its progressive stance on financial innovation. Among the notable figures backing the initiative are Giw Zanganeh, Tether’s VP of energy and mining, and Yves Bennaïm, the founder of the Swiss Bitcoin think tank 2B4CH. Their goal is ambitious: to amend the Swiss Federal Constitution to officially designate Bitcoin as part of national monetary reserves alongside traditional assets like gold.
This initiative, if successful, aims to amend Article 99, Paragraph 3 of the Federal Constitution. The proposed change mandates that the SNB diversify its reserves using earnings, thereby including cryptocurrencies such as Bitcoin. Proponents believe this approach could enhance Switzerland’s financial sovereignty, positioning the nation as an innovative leader in the global digital economy. To move forward with the referendum, the organizers must gather 100,000 valid signatures from Swiss citizens by June 30, 2026, which accounts for roughly 1.12% of Switzerland’s population of approximately 8.92 million. Meeting this benchmark will enable public voting—an iconic aspect of Swiss democratic practices.
This effort is particularly significant, as it marks a revival of a prior initiative that 2B4CH had revisited after initially stalling in October 2021. At that time, Bitcoin was still navigating its identity as a viable national asset. However, the past two years have brought a deeper discourse about the potential of Bitcoin within national financial frameworks internationally. The case for Bitcoin has been bolstered by El Salvador’s pioneering move to adopt Bitcoin as legal tender and their partnership with Lugano, Switzerland. The collaboration aims to foster Bitcoin usage throughout Europe, underscoring an emerging, cross-continental dialogue about digital assets.
Challenges Ahead and the Central Bank’s Skepticism
Despite the growing enthusiasm surrounding this initiative, it is crucial to recognize the hurdles the proposal faces. The SNB has historically exhibited skepticism toward cryptocurrencies. Martin Schlegel, the chairman of the SNB, has vocalized concerns over the volatility of digital assets, which complicates their position as stable financial instruments. Moreover, he has pointed out the potential risks associated with cryptocurrencies, including their connections to illegal activities and the regulatory complexities they introduce.
A Milestone for Cryptocurrency Adoption
Regardless of these challenges, the mere act of registering this initiative marks a vital milestone in the dialogue around integrating digital currencies into traditional financial systems. It reflects a growing sentiment within Switzerland to explore the synergies between established monetary structures and emerging financial technologies. As the global landscape evolves and public interest surges, Switzerland stands poised at the precipice of a potential transformation—one that could redefine the nation’s economic framework and reinforce its reputation as a bastion of financial innovation.