A new initiative has emerged as the Swiss Chancellery officially registers a proposal to include Bitcoin in the nation’s national reserves. This forward-thinking initiative is spearheaded by a coalition of ten dedicated Swiss crypto advocates, including Tether’s Vice President of Energy and Mining Giw Zanganeh and Yves Bennaïm, the founder of the Swiss think tank 2B4CH. To bring this vision to life, the group needs to gather 100,000 signatures for a constitutional amendment that would require the Swiss National Bank to hold Bitcoin alongside its traditional gold reserves.
Initially proposed on December 5, 2023, the initiative achieved official registration in Switzerland’s Federal Gazette on December 31, kicking off an 18-month campaign to collect the necessary signatures. Switzerland, with a population of around 8.9 million, requires just 1.12% of its citizens to support this petition for it to move forward. Should the campaign succeed, the proposal will be presented to the Swiss Federal Assembly, the bicameral legislature, for further consideration.
Dubbed ‘For a financially sound, sovereign and responsible Switzerland,’ this initiative targets Article 99 Paragraph 3 of the Swiss Federal Constitution. The proposed amendment seeks to include the phrase: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”
In the past, a similar initiative put forth by 2B4CH in 2021 faced delays, primarily due to timing issues and insufficient public and institutional backing. At that time, the concept of nation-states keeping Bitcoin as a reserve asset was still gaining traction. Now, however, it seems that the groundwork has been laid more strategically, with Bennaïm and his team diligently preparing documentation since April 2024.
On the other hand, the Swiss National Bank continues to express caution regarding cryptocurrencies. In November, Chairman Martin Schlegel pointed out that while digital assets like Bitcoin have experienced substantial growth, they remain a “niche phenomenon,” facing challenges such as volatility, high energy consumption, and associations with illicit activities.
Concerns from the Swiss Financial Market Supervisory Authority regarding the potential for money laundering connected to cryptocurrencies add another layer of complexity. Yet, the on-the-ground reality of crypto adoption in Switzerland tells a more positive story. For instance, the city of Lugano is a leading example, having embraced Bitcoin for tax payments since December 2023 and hosting the annual Plan ₿ Bitcoin conference, which gathers enthusiasts worldwide.
Switzerland is also home to the renowned Crypto Valley in Zug, a thriving hub for blockchain innovation that boasts over 1,200 blockchain-related companies, including 13 unicorns valued at more than $1 billion. This vibrant landscape indicates a growing acceptance and integration of cryptocurrencies within Swiss society.
With this new proposal, Switzerland stands at a potential turning point in its monetary policy, merging traditional values with modern financial innovation. As voices for crypto inclusion grow, will Switzerland lead the way in this financial evolution?
