Swiss National Bank Faces Renewed Pressure to Add Bitcoin to Reserves

Swiss Bitcoin advocates are attempting to initiate a referendum to amend the Swiss constitution and add Bitcoin to the central bank's reserves. The initiative, led by 2B4CH think tank, requires 100,000 signatures within 18 months to proceed. Proponents argue that holding Bitcoin would enhance Switzerland's sovereignty and neutrality in a period of global economic uncertainty.

Swiss National Bank Faces Renewing Pressure to Incorporate Bitcoin into Reserves

Concerned Swiss citizens, led by the non-profit think tank 2B4CH, are once again attempting to alter Switzerland's constitution to compel the Swiss National Bank (SNB) to hold Bitcoin (BTC) in its reserves. However, this ambitious endeavor faces a significant hurdle: securing over 100,000 signatures from Swiss nationals within 18 months to trigger a referendum.

Yves Bennaïm, founder and chairman of 2B4CH, maintains that adding Bitcoin to the central bank's reserves is crucial to safeguarding the country's "sovereignty and neutrality" in an increasingly volatile global landscape. Bennaïm expressed optimism about the initiative's organizational progress, indicating that preparatory documents for submission to the State Chancellery are nearing completion.

In 2021, 2B4CH launched the "Bitcoin Initiative," which sought to amend Article 99-3 of the Swiss Federal Constitution to recognize Bitcoin as a reserve currency. The initiative encountered difficulties, falling short of the required 100,000 signatures. With Switzerland's population hovering around 8.77 million, the current petition drive requires approximately 1.15% of locals to endorse it.

Luzius Meisser, president of the Bitcoin-centric trading platform Bitcoin Suisse, who collaborates with 2B4CH on this initiative, emphasizes the geopolitical implications of incorporating Bitcoin into reserves. He contends that such a move would strengthen Switzerland's independence from the European Central Bank and bolster its neutrality.

On April 26, Meisser intends to present the case for Bitcoin's inclusion in the SNB's balance sheet to the central bank's officials. He will have a limited three minutes to advocate for his proposal.

In March 2022, Meisser reportedly engaged with the SNB, suggesting it purchase $1.1 billion worth of Bitcoin monthly as a viable alternative to German government bonds. However, according to reports, SNB Chair Thomas Jordan dismissed Bitcoin as not meeting the bank's criteria for reserve currency status in April 2022.

Meisser maintains that had the central bank embraced Bitcoin in 2022, Switzerland would have accrued a staggering $32.9 billion windfall. He cautions that further delay could result in other central banks acquiring Bitcoin at "significantly higher prices than everyone else."

Despite the SNB's prior reluctance, Leon Curti, head of research at asset manager Digital Asset Solutions, expresses optimism that the recent approval of spot Bitcoin exchange-traded funds in the United States and Hong Kong may sway the bank's stance towards investing in Bitcoin.

The potential impact of the initiative has garnered attention from Joana Cotar, a German politician and Bitcoin advocate who staunchly opposes the European Union's proposed digital currency.

At the time of writing, Cointelegraph's attempts to contact 2B4CH representatives have not elicited a response.