Switzerland’s Bold Step Towards Bitcoin: A National Reserve Proposal
In a groundbreaking move, a coalition of cryptocurrency enthusiasts in Switzerland is advocating for the integration of Bitcoin into the nation’s financial reserves. This ambitious proposal aims to persuade the Swiss government to embrace Bitcoin as a vital component of the country’s monetary holdings.
Milestone Initiative for Bitcoin Adoption
The momentum for this initiative began to build before the close of 2024, as the Swiss Federal Chancellery took decisive steps to champion the inclusion of cryptocurrencies in the nation’s financial portfolio. The agency’s proposal seeks to amend specific sections of the Swiss Federal Constitution, granting the Swiss National Bank the authority to acquire Bitcoin as part of its national reserve strategy.
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Legal Foundation and Process
After thorough examination, the Swiss Federal Chancellery initiated the legislative process required for the cryptocurrency initiative by confirming that the proposal meets all necessary legal criteria. The initiative, titled “For a Financially Sound, Sovereign, and Responsible Switzerland (Bitcoin Initiative),” aligns with Article 69, paragraph 2 of the Federal Act on Political Rights established on December 17, 1976, as noted on the Fedlex website.
Mobilizing Public Support: The 100,000 Signatures Goal
To bring this vision to life, the initiative must secure approximately 100,000 signatures from Swiss citizens. This widespread public support is crucial for advancing the constitutional amendment, which would mandate the inclusion of Bitcoin alongside gold in the nation’s monetary reserves. As of now, Bitcoin’s market value is trading at $96,480, according to TradingView data.
The Swiss Federal Chancellery has set a deadline of June 30, 2026, to gather the required signatures. A successful campaign would lead to the modification of Article 99, Paragraph 3 of the Swiss Federal Constitution. The proposed amendment stipulates that “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin,” thereby empowering the central bank to acquire Bitcoin as a strategic asset.
Challenges on the Path to Constitutional Change
Achieving this constitutional revision is no small feat. The initiative requires backing from approximately 1.12% of Switzerland’s population, translating to support from around 8.92 million citizens. Upon reaching this threshold, the Bitcoin Initiative will be submitted to the Swiss Federal Assembly, the nation’s bicameral parliament, for further deliberation and review.
The proposal, crafted by ten prominent cryptocurrency advocates within Switzerland, seeks to influence the government’s stance on Bitcoin. Among these advocates are Giw Zanganeh, Tether Vice President of Energy and Mining, and Yves Bennaïm, founder of 2B4CH.
Resistance and Skepticism from the Swiss National Bank
Despite the enthusiasm from cryptocurrency advocates, the Swiss National Bank maintains a cautious approach towards digital currencies. Concerns stem from the inherent risks associated with Bitcoin, including its volatility and potential links to illicit activities. Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, has expressed skepticism, labeling Bitcoin and similar digital assets as a “niche phenomenon” due to these challenges.
