Bitcoin Initiative Seeks to Position Switzerland at the Forefront of Global Bitcoin Adoption

This groundbreaking initiative, officially registered in the Federal Gazette on December 31, 2024, seeks to position Switzerland at the forefront

Switzerland Initiatives Bitcoin Addition to National Reserves

Bitcoin is set to become a topic of national discussion in Switzerland following a new initiative that aims to integrate the cryptocurrency into the country's monetary reserves.

Officially registered in the Federal Gazette on December 31, 2024, this groundbreaking initiative seeks to position Switzerland at the forefront of global Bitcoin adoption.

The initiative, titled “For a financially sound, sovereign, and responsible Switzerland,” is being spearheaded by Giw Zanganeh, Tether's Vice President of Energy and Mining. Joining Zanganeh in this endeavor is Yves Bennaïm, the founder of the Swiss Bitcoin nonprofit think tank 2B4CH.

A total of eight additional Bitcoin advocates are collaborating on the proposal, which now has until June 30, 2026, to collect 100,000 signatures. This threshold represents roughly 1.12% of Switzerland's population of 8.92 million.

If successful, this initiative will trigger a national referendum on the matter.

Bitcoin in Swiss Monetary Reserves: The Legal Aspect

This initiative aims to amend Article 99 Paragraph 3 of the Swiss Federal Constitution. If adopted, it will stipulate that "The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin."

Currently, the article states that the National Bank builds up monetary reserves from its own earnings, a portion of which must be held in gold. This initiative seeks to add Bitcoin to the list of assets that can comprise these reserves.

Gathering Support for Bitcoin in the Heart of Europe

This initiative marks the culmination of years of preparation and an earlier attempt by 2B4CH in 2021. That initiative was ultimately postponed due to limited public and institutional support.

However, Bennaïm is optimistic about the current environment, stating, “We were waiting for the right timing. Now, everything is falling into place.”

Indeed, the southern Swiss city of Lugano has wholeheartedly embraced Bitcoin, hosting annual “Plan ₿” conference events and even allowing the digital asset to be used for paying taxes.

According to BTCMaps, approximately 260 merchants in Lugano now accept Bitcoin — a small but visible indication of the growing adoption of the cryptocurrency in the city.

Challenges and Skepticism Surrounding Bitcoin Integration

Despite these positive developments, Bitcoin's integration into Swiss national reserves is not without its challenges. Skepticism toward cryptocurrency remains, and SNB Chairman Martin Schlegel has expressed concerns about Bitcoin's high energy consumption and volatility.

Furthermore, Switzerland's Financial Market Supervisory Authority has flagged the potential risk of money laundering associated with cryptocurrencies.

However, proponents of the initiative argue that adding Bitcoin to national reserves will ultimately enhance Switzerland's financial sovereignty and resilience. Bennaïm emphasizes that the initiative is fundamentally about fostering a “financially sound” Switzerland.

A Global Movement Toward Bitcoin Reserves: Setting Precedents

This initiative in Switzerland also aligns with a broader trend among governments and institutions worldwide that are exploring the possibility of holding Bitcoin reserves.

In the United States, a bill championed by Senator Cynthia Lummis (R-WY) proposes permitting the Treasury to hold Bitcoin. Additionally, states like Texas and Pennsylvania have introduced legislation to include Bitcoin in their treasury reserves.

Beyond governments, corporations like MicroStrategy and MARA Holdings have made significant purchases of Bitcoin, which are being added to their holdings on a rolling basis. These actions signal growing institutional confidence in the asset.

As this initiative gains traction, its success will largely hinge on grassroots support and a concerted effort to educate the public about the initiative. Zanganeh has expressed his hope for the cryptocurrency community's backing in meeting the signature threshold, stating, “We will need the full support of our community to gather 100k signatures and make this a national referendum.”

If Switzerland ultimately decides to add Bitcoin to its national reserves, it could set a powerful precedent for other countries, potentially accelerating Bitcoin's integration into global financial systems.