Swiss Bitcoiners Push for National Bank to Hold BTC in Reserves Through Referendum

Swiss Bitcoin advocates are once again pushing for the Swiss National Bank to include Bitcoin in its reserves, this time through a referendum to amend the country’s constitution. The group behind this initiative, 2B4CH, believes that adding Bitcoin to the central bank’s reserves would safeguard Switzerland’s sovereignty and neutrality in an increasingly uncertain global landscape.

Yves Bennaïm, the founder and chairman of 2B4CH, emphasized the importance of this move, stating that they are in the process of organizing the committee and preparing the necessary documents to kickstart the petition process. However, garnering support for this cause won’t be easy, as they need to collect over 100,000 signatures from Swiss nationals within 18 months to trigger a referendum.

This isn’t the first time 2B4CH has attempted to push for Bitcoin inclusion in Switzerland’s reserves. Their initial effort in October 2021 fell short of the required signatures, highlighting the challenges they face in rallying support for this cause. With Switzerland’s population standing at 8.77 million, approximately 1.15% of locals will need to sign the petition to move the referendum forward.

Luzius Meisser, president of the Bitcoin-focused trading platform Bitcoin Suisse, is supporting Bennaïm in this endeavor. Meisser believes that Switzerland’s adoption of Bitcoin as a reserve currency would demonstrate independence from the European Central Bank and reinforce the country’s neutrality. He is set to present the benefits of adding Bitcoin to the central bank’s balance sheet in an upcoming meeting on April 26.

Meisser previously proposed that the Swiss National Bank purchase $1.1 billion worth of Bitcoin monthly as an alternative to German government bonds, but the central bank’s chair, Thomas Jordan, deemed Bitcoin unsuitable as a reserve currency in April 2022. Despite this setback, Meisser remains optimistic about the potential financial gains for Switzerland if they had adopted Bitcoin earlier.

Leon Curti, head of research at Digital Asset Solutions, believes that recent approvals for spot Bitcoin exchange-traded funds in the US and Hong Kong could sway the Swiss National Bank towards investing in Bitcoin. The positive response to this initiative from German politician and Bitcoin activist Joana Cotar indicates growing interest and support for cryptocurrency adoption in Europe.

As the debate over Bitcoin’s role in national reserves continues, the outcome of this referendum could have significant implications for Switzerland’s financial future and its stance on digital assets. The push for Bitcoin inclusion in the Swiss National Bank’s reserves reflects a broader trend of increasing cryptocurrency adoption and integration into traditional financial systems worldwide.