The Swiss Federal Chancellery has recently approved the Bitcoin Initiative, a forward-thinking proposal aimed at integrating Bitcoin into the Swiss National Bank’s (SNB) reserve assets, in tandem with traditional gold. This groundbreaking initiative is now set for public discussion and could lead to a nationwide referendum if it garners enough support.
Under the leadership of Yves Bennaïm, and with backing from prominent voices in the cryptocurrency sector, the initiative seeks to amend Article 99 of the Swiss Constitution. This amendment would obligate the SNB to allocate a percentage of its reserves to Bitcoin. The primary objective of this proposal is to bolster Switzerland’s financial stability and sovereignty, especially as interest in cryptocurrencies continues to soar globally. Proponents argue that Bitcoin’s decentralized nature and deflationary properties could serve as a robust hedge against inflation and currency fluctuations.
With the green light from the Federal Chancellery, the initiative has successfully cleared all necessary bureaucratic hurdles, allowing it to advance in the legislative process. The next step involves discussions within the Federal Assembly, Switzerland’s parliament. Following that, all Swiss citizens will have the opportunity to vote on this transformative proposal.
While support for the initiative is evident, skepticism persists regarding Bitcoin’s volatility. Critics voice concerns that linking national reserves to such an unpredictable asset could threaten Switzerland’s reputation for economic stability. As the debate heats up, supporters are mobilizing to gather the required 100,000 signatures for a referendum by June 2026.
Switzerland has historically approached cryptocurrency adoption with caution. In 2022, former SNB President Thomas Jordan expressed doubts about Bitcoin’s suitability as a reserve currency. However, with a noticeable shift in global attitudes toward digital assets—exemplified by the United States’ endorsement of spot Bitcoin ETFs—the Swiss may be reevaluating their position.
If the initiative succeeds, Switzerland could become one of the first nations to constitutionally recognize Bitcoin within its monetary system. This potential change could not only alter Swiss financial practices but also serve as a model for central banks across the globe contemplating digital currencies.
Currently, the Swiss National Bank boasts approximately 1,040 tons of gold in its reserves, valued at around $27 billion, making Switzerland the third-largest gold holder worldwide, behind the United States and Germany.
Globally, there has been a notable trend in countries incorporating Bitcoin into their reserve assets. A report from Bitcoin exchange River highlights that thirteen countries already engage in this practice, with nations like Brazil and Poland exploring similar paths. Recently, a proposal emerged from a Russian lawmaker suggesting that its central bank should reflect on recognizing Bitcoin as a reserve asset.
Under the incoming Trump administration, the number of countries embracing Bitcoin as a reserve asset is anticipated to rise. Trump has shown interest in the establishment of a national Bitcoin reserve, reflecting broader adoption trends among public companies and states in the U.S.
For instance, Texas has recently seen the introduction of legislation aimed at creating a state-level Bitcoin reserve. This legislative effort would enable Texas to accumulate Bitcoin through taxes, fees, and donations, positioning it as a safeguard against inflation and economic instability. Republican state Representative Giovanni Capriglione contends that this reserve could strengthen the state’s fiscal stability while serving as a pioneering model for others.
Presently, the U.S. government holds 198,109 BTC, valued at about $18.5 billion, according to Arkham’s data. Trump has committed to retaining these assets without liquidation. Furthermore, proposals are surfacing for the U.S. Treasury to acquire additional Bitcoin on an annual basis, gradually building a substantial reserve.
Republican Senator Cynthia Lummis, a known advocate for Bitcoin, has suggested legislation that would require the Treasury to acquire 200,000 Bitcoins each year for five years, potentially amassing up to 1 million Bitcoins in reserves. If executed, this strategy could elevate the U.S. to one of the most significant Bitcoin holders globally, representing nearly 5% of the total supply.
The potential implications of this initiative in Switzerland, alongside international trends, are profound. This shift may redefine how cryptocurrencies are perceived and utilized within national financial strategies.
