A group of passionate Bitcoin supporters in Switzerland are leading a fresh initiative to urge the Swiss National Bank to include Bitcoin (
BTC
) in its reserves through a constitutional referendum.
Yves Bennaïm, who heads the non-profit organization 2B4CH behind this movement, argues that integrating Bitcoin into the national bank’s reserves is crucial for upholding Switzerland’s “sovereignty and neutrality” in the face of global instability.
In an interview with the Swiss news outlet, Neue Zürcher Zeitung, Bennaïm mentioned that they are in the final stages of organizing and preparing the necessary documentation to be submitted to the State Chancellery to launch the referendum.
To meet the signature requirement for the referendum, 100,000 signatures from Swiss citizens must be secured within 18 months, a challenge that hindered 2B4CH’s initial attempt in October 2021.
During that time, the “Bitcoin Initiative” aimed to include Bitcoin as a reserve currency in Article 99-3 of the Swiss Federal Constitution.
With Switzerland’s population standing at 8.77 million, about 1.15% of the population must back the petition.
Luzius Meisser, who leads the Bitcoin-focused trading platform Bitcoin Suisse and collaborates with Bennaïm, believes that including Bitcoin would confirm Switzerland’s financial independence from the European Central Bank and strengthen its neutral position.
Meisser is set to discuss the benefits of adding Bitcoin to the central bank’s assets in a meeting with the Swiss National Bank on April 26, where he will have three minutes to present his case.
His previous proposal in March 2022 for the bank to purchase $1.1 billion in Bitcoin monthly instead of German government bonds was rejected by Thomas Jordan, Chair of the Swiss National Bank, who stated in April 2022 that Bitcoin did not meet the necessary criteria to be considered a reserve currency.
Meisser argues that if the central bank had accepted his recommendation in 2022, it would now have gained an additional $32.9 billion. He also warns that delays could result in higher acquisition costs as other central banks may begin acquiring Bitcoin.
Additionally, the recent approval of Bitcoin spot exchange-traded funds in the US and Hong Kong has raised hopes that the Swiss National Bank’s stance on Bitcoin investment may be influenced.
The initiative has garnered support from international figures like Joana Cotar, a German politician and Bitcoin advocate, who is critical of a European Union-backed digital currency.
Furthermore, the push to integrate Bitcoin into Switzerland’s national reserves aligns with the country’s growing status as a key hub for blockchain and crypto innovation, exemplified by the significant growth of Crypto Valley, a leading web3 and blockchain center in Switzerland.
In 2023, the top 50 entities in Crypto Valley saw their value double to $382.93 billion. Notable entities included the Cardano Foundation, Ethereum Foundation, Nexo, and Metaco, a custody solution owned by Ripple.
In December, the city of Lugano in Southern Switzerland announced its plans to accept Bitcoin and other cryptocurrencies for tax payments, further solidifying the nation’s progressive approach to digital currencies.