New Proposal Pushes Swiss National Bank to Adopt Bitcoin

Highlights:

• Swiss Federal Chancellery approves proposal for the Swiss National Bank to hold Bitcoin reserves.
• The initiative seeks 100,000 signatures for a referendum to amend Switzerland’s constitution.
• Bitcoin adoption is growing in Switzerland, but the proposal faces skepticism and concerns.

The Swiss Federal Chancellery has officially approved a proposal suggesting that the Swiss National Bank (SNB) should hold part of its reserves in Bitcoin (BTC). The initiative, titled “For a Financially Strong, Sovereign, and Responsible Switzerland,” was submitted on Dec. 5. It was officially registered in Switzerland’s Federal Gazette on Dec. 31.

The initiative is led by Giw Zanganeh, Tether’s vice president of Energy and Mining. Zanganeh launched the proposal alongside Yves Bennaïm, founder and chairman of the Swiss Bitcoin nonprofit think tank 2B4CH, and eight other Bitcoin advocates.

The proposal seeks to amend Article 99 Paragraph 3 of the Swiss Federal Constitution. It would require the central bank to allocate part of its reserves to Bitcoin, in addition to gold. The SNB has historically shown caution toward cryptocurrencies. However, supporters of the initiative argue that Bitcoin could act as a hedge against inflation and enhance Switzerland’s reputation as a financial innovation hub. Currently, the SNB’s reserves are spread across fiat currencies and around 1,040 tons of gold.

Bitcoin adoption is growing in Switzerland, especially in Lugano, where 260 merchants accept BTC. However, the initiative faces skepticism. SNB Chair Martin Schlegel recently raised concerns about Bitcoin’s energy consumption and its potential as a payment method. 

Signature Collection Deadline Set for Bitcoin Initiative in Switzerland

The proposal must gather 100,000 signatures to be eligible for a public referendum. Bitcoin advocates have until June 30, 2026, to collect the required signatures. This amounts to about 1.12% of Switzerland’s 8.92 million residents. If the signature collection phase succeeds, the proposal will be sent to the Swiss Federal government. It will then be put to a public referendum to determine if any amendments will be made to the Swiss Constitution.

2B4CH initially planned to submit a similar initiative in 2021. However, they delayed it, anticipating a more favorable climate for the idea of a nation-state holding BTC.

It's official! The Bitcoin initiative has been published in the Federal Gazette (Bundesblatt) today!🎉

This means the signatures collection phase starts today.

The committee will have until 30.06.2026 to collect and submit 100,000 manuscript signatures from Swiss citizens.

1/3

— Bitcoin Initiative 🗳️🇨🇭 (@initiativeBTC) December 31, 2024

Global Push for Bitcoin Reserves Gains Momentum

Globally, the idea of governments holding Bitcoin is gaining popularity. In the U.S., Senator Cynthia Lummis is advocating for a Bitcoin reserve bill that would place Bitcoin under Treasury management.

Politicians in Brazil and Poland have expressed interest in creating Bitcoin reserves. Hong Kong legislator Wu Jiexhuang has suggested utilizing the city’s “one country, two systems” framework. This would include Bitcoin in its national reserves to enhance financial security. Former German Finance Minister Christian Lindner has also urged the European Central Bank (ECB) and the German Bundesbank to include Bitcoin in their reserves.

Lindner said:

“The new Trump administration is pursuing an extremely progressive policy on crypto-assets such as Bitcoin. In Washington, there is even consideration of the Federal Reserve including crypto-assets alongside currencies and gold in its reserves.”