A groundbreaking proposal is currently underway, aiming to mandate the Swiss National Bank (SNB) to hold Bitcoin in its balance sheet. This initiative, driven by the collective effort of Swiss Bitcoin advocates, seeks to gather support from the Swiss population.
The proposal was officially registered in the Federal Gazette on December 31, 2023. Advocates must collect 100,000 signatures from Switzerland’s 8.92 million residents by June 30, 2026, to initiate a public referendum. Wealth management advocate Yves Bennaïm, along with Tether‘s Giw Zanganeh and several other Bitcoin enthusiasts, have launched this bold proposal through the organization 2B4CH.
This initiative aims to amend Article 99 Paragraph 3 of the Swiss Federal Constitution, which would state: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.” This amendment is vital for Switzerland to maintain its financial sovereignty and adapt to the evolving global financial landscape.
Achieving this constitutional amendment will require considerable grassroots mobilization from supporters. To succeed, advocates will need to rally approximately 1.12% of the population within an 18-month period. Given that Switzerland has seen a growing acceptance of Bitcoin, particularly in the city of Lugano, the targeting of public sentiment will be crucial.
- Over 260 merchants in Lugano accept Bitcoin.
- The annual “Plan ₿” Bitcoin conference signifies increasing local interest.
Despite this momentum, the proposal faces challenges. Martin Schlegel, the SNB Chairman, has expressed skepticism regarding Bitcoin’s viability as a payment method, citing concerns over the extensive energy consumption associated with securing the Bitcoin network. This skepticism raises questions about the practicality and sustainability of including Bitcoin in national reserves.
If successful, this proposal would place Switzerland at the forefront of Bitcoin adoption among nation-states. Comparatively, while the United States and countries like Brazil and Poland evaluate similar initiatives, Switzerland’s push for a Bitcoin reserve emphasizes a distinctive and proactive approach in adapting to modern financial currencies.
The wave of Bitcoin adoption is not just a trend but a significant movement towards a financially sound, responsible future for Switzerland as it navigates possible challenges and opportunities in the cryptocurrency landscape.
