Swiss Push to Add Bitcoin to National Reserves Regains Momentum

Multiple Swiss Bitcoin advocates are spearheading a renewed campaign to include Bitcoin (BTC) in the Swiss National Bank's reserves through a constitutional referendum. The campaign aims to secure 100,000 signatures from Swiss citizens within 18 months to trigger the referendum. Advocates argue that integrating Bitcoin into national reserves is crucial for Switzerland's "sovereignty and neutrality" amid growing global instability.

Switzerland's Renewed Bid to Incorporate Bitcoin into National Reserves

Introduction

A group of prominent Swiss Bitcoin advocates is spearheading a renewed campaign to persuade the Swiss National Bank (SNB) to include Bitcoin (BTC) in its reserves through a constitutional referendum. Led by Yves Bennaïm, President of the non-profit think tank 2B4CH, the initiative seeks to bolster Switzerland's financial sovereignty and neutrality amidst growing global economic volatility.

Constitutional Referendum Push

In an interview with Neue Zürcher Zeitung, a Swiss news outlet, Bennaïm announced the finalization of organizational arrangements and the drafting of necessary documents to initiate the referendum process. To meet the signature requirement, 100,000 signatures from Swiss citizens must be collected within 18 months, a challenge that thwarted 2B4CH's initial attempt in October 2021.

Switzerland's Bitcoin Enthusiasts

Luzius Meisser, CEO of Bitcoin Suisse and an ally of Bennaïm, emphasized the significance of incorporating Bitcoin into Switzerland's financial landscape. He argued that it would reinforce the country's financial independence from the European Central Bank and strengthen its neutral stance.

Meisser is scheduled to present the advantages of adding Bitcoin to the SNB's assets at a meeting on April 26th. Despite his previous proposal in March 2022 for the bank to acquire $1.1 billion in Bitcoin monthly being rejected by SNB Chair Thomas Jordan, Meisser remains optimistic about the bank's potential openness to the idea.

International Support

The initiative has garnered support from international figures such as Joana Cotar, a German politician and vocal Bitcoin advocate. Cotar has expressed reservations about the European Union's plans for a digital currency.

Switzerland's Crypto Hub

The push to integrate Bitcoin into Switzerland's national reserves aligns with the country's growing prominence as a hub for blockchain and crypto innovation. Crypto Valley, a major web3 and blockchain center in Switzerland, has witnessed a surge in growth, with the top 50 entities doubling their value to $382.93 billion in 2023.

Lugano's Crypto Embrace

Further bolstering the nation's progressive stance on digital currencies, the city of Lugano in Southern Switzerland announced its intention in December 2023 to accept Bitcoin and other cryptocurrencies for tax payments.

Conclusion

The renewed campaign to incorporate Bitcoin into Switzerland's national reserves reflects the growing recognition of Bitcoin's potential as a legitimate reserve asset. Led by a dedicated group of Bitcoin advocates, the initiative faces a significant challenge in securing the necessary signatures for the referendum but aims to safeguard Switzerland's financial sovereignty and embrace the transformative power of digital currencies. As the global financial landscape evolves, Switzerland's stance on Bitcoin will be closely watched as it navigates the complexities of the digital currency revolution.