Campaign initiated by Swiss Bitcoin enthusiasts aims to incorporate BTC into reserves of National Bank.
A group of Bitcoin advocates in Switzerland are leading a fresh campaign to convince the Swiss National Bank to include Bitcoin in its reserves. The advocates, spearheaded by Yves Bennaïm, argue that integrating Bitcoin into the national bank’s reserves is crucial for maintaining Switzerland’s sovereignty and neutrality in the face of growing global instability. They are currently finalizing the organizational setup and drafting the necessary documents to kick off a constitutional referendum on the matter.
The referendum will require 100,000 signatures from Swiss citizens within 18 months. This was a hurdle that the advocates faced in their initial bid back in October 2021, known as the “Bitcoin Initiative,” which aimed to incorporate Bitcoin as a reserve currency into the Swiss Federal Constitution. With a population of 8.77 million, approximately 1.15% of the populace must support the petition.
Luzius Meisser, the leader of the Bitcoin-centric trading platform Bitcoin Suisse, supports the inclusion of Bitcoin in the national bank’s reserves. He believes that it would confirm Switzerland’s financial independence from the European Central Bank and reinforce its neutral position. Meisser will have an opportunity to present his arguments in a meeting with the Swiss National Bank on April 26.
However, Meisser’s previous proposal in March 2022 to have the bank buy $1.1 billion in Bitcoin monthly was rejected by Thomas Jordan, the Chair of the Swiss National Bank. Jordan stated that Bitcoin did not meet the necessary criteria to be considered a reserve currency. Meisser estimates that if the central bank had adopted his recommendation, it would now have an additional $32.9 billion. He also warns that delays in incorporating Bitcoin into the reserves may result in higher acquisition costs, as other central banks might start buying Bitcoin.
The initiative has garnered support from international figures such as Joana Cotar, a German politician and Bitcoin activist, who is critical of a European Union-backed digital currency. The push to integrate Bitcoin into Switzerland’s national reserves aligns with the country’s growing role as a central hub for blockchain and crypto innovation. The expansion of Crypto Valley, a leading web3 and blockchain center in Switzerland, exemplifies this trend. In 2023, the top 50 entities in Crypto Valley saw their value double to $382.93 billion. The Cardano Foundation, Ethereum Foundation, Nexo, and Metaco, a custody solution owned by Ripple, were among the notable entities.
Additionally, the city of Lugano in Southern Switzerland announced in December its intention to accept Bitcoin and other cryptocurrencies for tax payments, further showcasing the nation’s progressive stance on digital currencies.
