On December 31, a notable proposal emerged from the Swiss Federal Chancellery advocating for the Swiss National Bank (SNB) to include Bitcoin in its reserve assets. Spearheaded by a coalition of ten Bitcoin enthusiasts, this initiative aims to modify the Swiss Federal Constitution and align the country more closely with the evolving landscape of digital currency. Key players in this movement include Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH. This indicates a strategic shift not just for Switzerland, but potentially for the broader acceptance of cryptocurrencies worldwide.
The Proposed Changes to the Constitution
The initiative seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution to stipulate that the SNB is required to generate a portion of its reserves through its own earnings, which would now include a mix of gold and Bitcoin. Proponents argue that this integration would bolster Switzerland’s economic sovereignty and financial stability by leveraging Bitcoin’s potential as a viable asset. This amendment is framed within a larger vision of a resilient economy that adapts to the digital revolution, aiming to secure Switzerland’s position as a leader in financial innovation.
The Road to a Referendum
For this initiative to reach the Swiss populace, it must gather a substantial 100,000 valid signatures from citizens by June 30, 2026—approximately 1.12% of Switzerland’s population, which stands at about 8.92 million. This requirement underscores the direct democratic framework that characterizes Swiss politics, which allows citizens to voice their opinions on pivotal issues. If the organizers successfully reach this threshold, the Swiss electorate will cast their votes, determining the fate of Bitcoin’s role in national monetary policy.
This proposal represents a revival of an earlier attempt by 2B4CH, which was put on hold in October 2021 due to the complex and relatively novel perception of Bitcoin as a national asset. Since that time, however, global discussions surrounding the legitimacy and strategic potential of Bitcoin have accelerated. The example set by El Salvador, which became the first nation to adopt Bitcoin as legal tender and later collaborated with Swiss authorities for broader Bitcoin promotion, adds weight to the current initiative. This evolving narrative reflects a paradigm shift in how nations approach cryptocurrencies.
Despite the momentum this initiative has gathered, significant challenges remain. The SNB has historically maintained a skeptical stance toward cryptocurrencies, with its chairman, Martin Schlegel, expressing concerns about Bitcoin’s volatility, its utility for payments, and potential associations with illegal activities. Such skepticism raises questions about whether the SNB would be willing to embrace Bitcoin as a reserve asset. However, the mere registration of this initiative marks a pivotal moment for cryptocurrency advocacy in Switzerland, symbolizing an intensified interest in blending traditional finance with digital assets.
As Switzerland embarks on this venture towards incorporating Bitcoin into its national reserves, it stands at a significant crossroads in financial evolution. If successful, this initiative could not only redefine the role of cryptocurrencies in shaping the global economy but also fortify Switzerland’s reputation as a forward-thinking nation at the forefront of technological advancement. The outcome will depend on public reception and the inherent adaptability of traditional financial systems to accommodate emerging assets like Bitcoin.
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