Switzerland Registers Bitcoin Reserve Proposal for Public Referendum

Switzerland's Federal Chancellery has taken a historic step by registering a proposal to include Bitcoin as part of the Swiss National Bank's (SNB) monetary reserves. Bitcoin advocates now have until June 30, 2026, to collect 100,000 valid signatures to push the proposal to a public vote. If successful, the referendum could mark a pivotal moment in integrating digital assets into national financial systems. Here's a closer look at the proposal and its potential implications.

Key Takeaways

1. Proposal for Bitcoin Reserves: The initiative seeks to amend the Swiss Federal Constitution to require the SNB to hold Bitcoin alongside gold in its reserves.
2. Public Support Needed: Advocates must gather 100,000 signatures from Swiss citizens by mid-2026 to trigger a public referendum.
3. SNB's Skepticism: The Swiss National Bank has expressed reservations about cryptocurrencies, citing volatility and regulatory challenges.

The Proposal: Bitcoin as a Strategic Reserve Asset

The proposal, registered on December 31, 2024, aims to amend Article 99 Paragraph 3 of the Swiss Federal Constitution. The amendment would require the SNB to allocate a portion of its monetary reserves to Bitcoin, alongside gold. The initiative, led by notable Bitcoin advocates like Giw Zanganeh, Tether's vice president of energy and mining, and Yves Bennaïm, founder of the think tank 2B4CH, argues that integrating Bitcoin into the national framework would bolster Switzerland’s financial sovereignty and resilience.

Signature Collection Requirement
To advance the proposal to a referendum, 100,000 valid signatures—approximately 1.12% of Switzerland's population—must be collected by June 30, 2026. If successful, the proposal will be decided by Swiss citizens through the country’s direct democratic process.

Past Efforts and Renewed Momentum
This initiative builds on a similar proposal by 2B4CH in 2021, which was postponed due to Bitcoin’s then-novel status as a national reserve asset. Since then, the global discourse on Bitcoin's role in national reserves has evolved, with countries like El Salvador adopting Bitcoin as legal tender and fostering international partnerships, such as its collaboration with Lugano, Switzerland, to promote Bitcoin adoption in Europe.

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Challenges and Skepticism from the SNB

Despite growing public interest, the proposal faces significant hurdles due to the SNB's historical skepticism towards cryptocurrencies. Chairman Martin Schlegel has voiced concerns over Bitcoin and Ether, citing their volatility, association with illicit activities, and regulatory complexities. These factors could influence public sentiment and the outcome of the referendum.

Regulatory and Financial Implications
If adopted, the proposal could pave the way for Bitcoin to be recognized as a strategic national asset in Switzerland. However, it would also require addressing regulatory challenges and integrating digital assets into traditional financial systems without disrupting existing frameworks.

Switzerland’s Role in Crypto Innovation

Switzerland has long been a global hub for cryptocurrency innovation and adoption. The country’s progressive stance on blockchain technology and digital assets has positioned it as a leader in fostering crypto-friendly environments. The initiative’s registration underscores Switzerland’s openness to exploring the integration of digital assets into traditional financial systems.

Conclusion

The proposal to include Bitcoin in Switzerland's national reserves marks a significant milestone in the growing acceptance of digital assets globally. While challenges remain, including skepticism from the SNB and regulatory concerns, the initiative highlights Switzerland’s continued leadership in cryptocurrency innovation. As advocates work towards collecting signatures for a referendum, the world will closely watch whether Bitcoin can secure a place in the reserves of one of the most financially sophisticated nations.

FAQs

1. What is the goal of the Bitcoin reserve proposal in Switzerland?
The proposal aims to amend the Swiss Constitution to require the Swiss National Bank to hold Bitcoin alongside gold as part of its monetary reserves.

2. How many signatures are needed to trigger a public referendum?
Advocates must collect 100,000 valid signatures from Swiss citizens by June 30, 2026, to advance the proposal to a public vote.

3. Why is the Swiss National Bank skeptical about Bitcoin?
The SNB has cited concerns about Bitcoin’s volatility, association with illegal activities, and the complexities of regulating cryptocurrencies, which may hinder its acceptance as a reserve asset.