On December 31, a transformative initiative emerged from the Swiss Federal Chancellery, aimed at incorporating Bitcoin into the reserves of the Swiss National Bank (SNB). This proposal is championed by a group of ten impassioned Bitcoin proponents, including notable figures such as Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH. The movement advocates for an amendment to the Swiss Federal Constitution, notably Article 99 Paragraph 3, which would mandate that a portion of the SNB’s reserves be constituted from assets that include both gold and Bitcoin. This significant shift could redefine Switzerland’s monetary policy and elevate its standing in the global financial landscape.
The path for this ambitious proposal involves gathering 100,000 valid signatures from Swiss citizens by June 30, 2026—a target that accounts for roughly 1.12% of Switzerland’s population of 8.92 million. If successful, Swiss citizens would have the chance to vote on this landmark policy through the country’s well-regarded direct democratic process. This initiative marks a revival for 2B4CH, which had earlier stalled a similar proposal in October 2021, citing Bitcoin’s nascent status as a credible national asset. However, the landscape has shifted significantly, and global discussions surrounding Bitcoin’s legitimacy and role in public reserves have intensified.
The Global Context and Local Implications
The proposal takes on additional weight considering El Salvador’s historic decision to adopt Bitcoin as legal tender, as well as its collaboration with Lugano, Switzerland, aimed at bolstering Bitcoin adoption throughout Europe. This cross-continental partnership underscores a growing acceptance of Bitcoin as a legitimate financial instrument, motivating Swiss advocates to reconsider their stance on digital currencies. The presence of a dedicated “Bitcoin office” staffed by an Honorary Consul in El Salvador pointedly symbolizes the strategic aim to mainstream Bitcoin within the European context.
Despite the increasing momentum and enthusiasm for the proposal, significant obstacles remain. Notably, the SNB has consistently expressed skepticism about cryptocurrencies. Chairman Martin Schlegel has voiced concerns regarding the volatility of assets like Bitcoin and Ether, which he argues complicate their potential as stable monetary tools. Furthermore, he raised alarms about the association of cryptocurrencies with illicit activities, which adds layers of complexity to their regulation and acceptance within the traditional banking system.
Nonetheless, the mere act of registering the initiative signifies a pivotal moment for Switzerland, reflecting a burgeoning interest in integrating digital assets into established financial structures. If the proposal gains traction, it could not only set a precedent for other nations to follow suit but also enhance Switzerland’s reputation as a leading hub for cryptocurrency innovation and adoption. Ultimately, this initiative reflects a critical juncture in the evolution of monetary systems, where traditional frameworks may increasingly intersect with emerging digital currencies, inviting both scrutiny and hopeful optimism from various stakeholders.
