- Activists need to gather 100,000 signatures to force a nationwide referendum on adding Bitcoin to the Swiss central bank’s list of assets.
- It may be seen that taking up Bitcoin reserves can assist in easing the dependence on the bandwidth of centralized financial structures and foreign assets in Switzerland.
- However, there is still limited buying interest for such coins because the popular Swiss National Bank has not endorsed it.
Bitcoin may become a part of official Switzerland reserve assets: Reports emerged that the Swiss government is considering the option of purchasing Bitcoins for storage in the official reserves. Activists all over the country are now trying to gather one hundred thousand signatures by June 2026 to call for a referendum on the issue. Should the plan be adopted, Bitcoin would go into the SNB’s kitty together with the dollar, euro, and gold.
Leader’s Nationwide Vote On Bitcoin Adoption
Initiation was performed by the Swiss Federal Chancellery on December 31 ` 2024, where the society formally started the process of creating a Bitcoin reserve. This is a novel attempt after a similar bid in 2021 failed to fly. The campaign received much attention after Donald Trump’s 2024 victory in the U.S. elections which has renewed optimism in the cryptocurrency market.
The proposal aims to change part of the Swiss Federal Constitution to create space for Bitcoin as a legal tender reserve asset. Once people get their signatures for the proposed amendment, the proposal will go to the Federal Assembly and then to a national vote.
Public Sentiment Favors Bitcoin
Switzerland’s public has shown increasing interest in Bitcoin, often viewing it as a secure and private financial asset. Crypto advocate Rino Borini emphasized the Swiss preference for decentralized options, drawing parallels to the country’s long-standing support for cash. This sentiment reflects a growing openness to Bitcoin as a store of value compared to neighboring countries.
Decentralized Assets to Reduce Dependency
Switzerland’s reserve assets are primarily foreign, making the country reliant on other governments. By including Bitcoin in its reserves, supporters argue that Switzerland could strengthen its financial independence and reduce dependency on centralized systems.
However, the SNB has expressed reservations about Bitcoin’s role in the national reserve. SNB Chair Martin Schlegel described cryptocurrencies as volatile and niche assets, raising concerns about their reliability.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.