A significant proposal has emerged in Switzerland, aimed at requiring the Swiss National Bank (SNB) to hold Bitcoin as part of its official reserves. This initiative was officially recorded in the Swiss Federal Gazette on 31 December 2024.
Gathering Support
The minds behind this proposal include Giw Zanganeh, Tether’s Vice President of Energy and Mining, and Yves Bennaïm, founder of the Swiss Bitcoin nonprofit 2B4CH, alongside eight other passionate advocates for Bitcoin. They envision a financially responsible and sovereign Switzerland. The groundwork for this proposal was laid on 5 December 2024.
For this initiative to progress, it needs to gather 100,000 signatures within 18 months, which translates to a deadline of 30 June 2026. Given the country’s population of approximately 8.92 million, that means about 1.12 percent of Swiss citizens must lend their signatures to bring the proposal to a public referendum.
Bitcoin’s Rising Popularity
The year 2024 witnessed an explosive growth in Bitcoin adoption. It kicked off with the US Securities and Exchange Commission (SEC) approving the trading of spot Bitcoin exchange-traded funds (ETFs). The chatter surrounding cryptocurrencies became a hot topic during the US Presidential election, especially with President-elect Donald Trump dubbing himself the “First Bitcoin President.” Such developments propelled Bitcoin’s value past the impressive $100,000 mark.
Besides the buzz in Switzerland, discussions about integrating Bitcoin into the US Treasury are also making waves. Politicians in Brazil and Poland are exploring the option of Bitcoin reserves as well. Presently, El Salvador and Bhutan stand out as the only nations with substantial Bitcoin holdings.
In Russia, the Finance Minister recently disclosed that companies are embracing Bitcoin and other cryptocurrencies to settle international trade payments. President Vladimir Putin has also made it clear that banning Bitcoin is not feasible for any government.
With the support of both Russian and US authorities for Bitcoin, a pivotal question arises: Is the US ready to relinquish some of its sanctioning power associated with the US dollar by adopting Bitcoin?
This emerging trend signifies a powerful shift towards a new financial paradigm, and Switzerland’s proposal might just be the first step in a larger movement advocating for a well-rounded approach to cryptocurrency adoption at a national level.
