Switzerland is witnessing a resurgence in efforts by Bitcoin proponents to persuade the Swiss National Bank (SNB) to add Bitcoin (BTC) to its reserves.
Led by 2B4CH, a non-profit think tank, the initiative seeks to amend the Swiss Federal Constitution to allow the SNB to hold Bitcoin alongside traditional assets.
To achieve their goal, the campaign must gather over 100,000 signatures from Swiss citizens within 18 months—a threshold that proved challenging in their initial attempt in October 2021. With Switzerland’s population standing at 8.77 million, approximately 1.15% of residents must support the petition.
BREAKING: Bitcoiners launch a 🇨🇭Swiss National Referendum to oblige the Swiss National Bank to put #Bitcoin on its balance sheet.
In Switzerland, each citizen has the power to launch a National Referendum to change the constitution, if they can collect 100,000 valid signatures… https://t.co/NrHXOXQigt
— Remo Uherek (@remouherek) April 21, 2024
Yves Bennaïm, founder and chairman of 2B4CH, emphasized the importance of including Bitcoin in the central bank’s reserves, stating that it would enhance Switzerland’s “sovereignty and neutrality” in an increasingly uncertain world.
Bennaïm stated to the Swiss news outlet Neue Zürcher Zeitung (NZZ) on April 20,
“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process.“
Luzius Meisser, president of Bitcoin Suisse, echoed this sentiment, suggesting that adding Bitcoin to the reserves would signify Switzerland’s independence from the European Central Bank and strengthen its neutrality. Meisser is scheduled to present the case for Bitcoin reserves to the SNB in a meeting on April 26.
Despite previous attempts by Meisser to convince the Swiss National Bank to invest in Bitcoin, SNB Chair Thomas Jordan has indicated that Bitcoin does not currently meet the necessary criteria. Meisser argued that Switzerland could have gained $32.9 billion (30 billion Swiss francs) if the central bank had followed his advice in 2022.
While some experts remain hopeful that recent approvals for spot Bitcoin exchange-traded funds in the United States and Hong Kong could influence the SNB’s decision, the outcome remains uncertain. The progress of the campaign will be closely monitored as it navigates the complexities of Swiss financial policy.
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