Switzerland’s Bitcoin enthusiasts are renewing their efforts to persuade the Swiss National Bank (SNB) to consider including Bitcoin in its reserves. The group plans to launch a petition to initiate a referendum aimed at amending the country’s constitution, a process that requires gathering over 100,000 signatures from Swiss citizens.
Yves Bennaïm, founder and chairman of 2B4CH, a non-profit think tank leading the campaign, emphasized to the Swiss news outlet Neue Zürcher Zeitung (NZZ) that adding Bitcoin to the SNB’s reserves would safeguard Switzerland’s sovereignty and neutrality in an increasingly uncertain global landscape.
2B4CH is currently finalizing organizational preparations and necessary documents for submission to the State Chancellery. However, the process faces challenges, as Swiss law mandates that a referendum can only be held if at least 100,000 citizens sign a petition within 18 months.
During their initial attempt in October 2021, 2B4CH launched the “Bitcoin Initiative” to amend Article 99-3 of the Swiss Federal Constitution, encountering difficulties due to this requirement.
Luzius Meisser, president of Bitcoin-focused trading platform Bitcoin Suisse, is assisting Bennaïm in the initiative. Meisser believes that including Bitcoin in the SNB’s reserves would demonstrate Switzerland’s independence from the European Central Bank and enhance its neutrality.
Meisser will have a brief opportunity to present the benefits of adding Bitcoin to the SNB’s balance sheet during a meeting scheduled for April 26. However, he will only have three minutes to make his case. Meisser previously proposed allocating 1 billion Swiss francs ($1.1 billion) each month to Bitcoin as an alternative to German government bonds in March 2022, but SNB Chair Thomas Jordan reportedly dismissed the idea, stating that Bitcoin did not meet the requirements to be considered a reserve currency.
Meisser argues that Switzerland would have been significantly richer had the central bank followed his suggestion in 2022, warning that delaying the move could put Switzerland at a disadvantage as other central banks acquire Bitcoin at higher prices.
The NZZ article discussing the petition has garnered support from Joana Cotar, a German politician and Bitcoin activist, who opposes a European Union-backed digital currency. Western Europe has become a leading region in global crypto adoption, with Germany, France, and Austria witnessing substantial growth in daily traders.
