A group of Bitcoin enthusiasts is pushing to have the Swiss National Bank (SNB) include Bitcoin as part of its official reserves alongside gold, dollars, and euros. According to a January 18 report by Bloomberg, the group aims to enshrine Bitcoin’s place in the Swiss Constitution, seeking to make history by forcing a national vote on the issue. Under Switzerland's system of direct democracy, the campaign has already begun gathering the 100,000 signatures required to trigger the vote.
If successful, Switzerland's 8.8 million citizens would decide whether Bitcoin deserves a place in one of the world’s most respected central banks. The campaigners believe that by adding Bitcoin to the country's reserves, Switzerland could protect itself from the influence of foreign powers, particularly considering the country’s heavy reliance on euros and dollars in its current reserves.
This ambitious initiative comes at a time when Switzerland has established itself as a global leader in cryptocurrency adoption. According to a 2024 report by Lucerne University of Applied Sciences and Arts, 11% of Switzerland's population already holds digital assets. Bitcoin ATMs are as common as bakeries in some areas, and since 2016, Swiss residents have been able to purchase Bitcoin directly from ticket machines at train stations. The city of Lugano even allows citizens to pay taxes, fines, and other bills with Bitcoin, further cementing Switzerland’s crypto-friendly reputation.
Yves Bennaim, chair of the campaign’s committee, argues that Bitcoin’s decentralization could help protect Swiss reserves from external influence. “Most of the SNB’s reserves are in euros and dollars,” he said. “That makes us dependent on the policies of other countries. Bitcoin offers us a way out.”
Switzerland’s history of valuing financial privacy aligns with the Bitcoin campaign's goal, as the country’s tradition of sovereignty mirrors Bitcoin's decentralized nature. The push for Bitcoin integration into Swiss reserves also comes at a time when global attitudes toward Bitcoin are evolving. U.S. President Donald Trump has supported the idea of a national Bitcoin reserve, while former German finance minister Christian Lindner suggested in December that the European Central Bank should consider holding Bitcoin as well.
Switzerland, however, remains a step ahead in the crypto space. In 2019, the country became the first to issue licenses to crypto banks, and state-owned PostFinance AG began offering crypto services. This forward-thinking approach has further fueled the campaign’s momentum.
However, not everyone is on board with the idea. UBS economist Alessandro Bee warned that Bitcoin’s volatility poses risks to the SNB’s credibility. “If the SNB invests in Bitcoin, there’s a real risk its equity could shrink during market downturns. Over time, this could hurt the bank’s credibility,” Bee explained. Critics also argue that the SNB's cautious reputation could suffer if it adopts an asset as unpredictable as Bitcoin.
Despite these concerns, the Bitcoin campaign is forcing Switzerland to confront its relationship with money and the future of financial systems. The deadline for collecting the necessary signatures is set for June 2026, and the organizers are betting that Bitcoin’s growing acceptance, both in Switzerland and globally, will drive the Swiss public to embrace the idea.
Whether or not the campaign succeeds, it is undoubtedly sparking important conversations about the future of Bitcoin and its role in traditional financial systems. As the debate continues, the eyes of the world will be on Switzerland to see whether it becomes the first nation to integrate Bitcoin into its official financial reserves.
January 2025, Cryptoniteuae