In December 2024, a group of Swiss cryptocurrency advocates launched an initiative to amend the Swiss Constitution, mandating the Swiss National Bank (SNB) to hold Bitcoin alongside gold in its reserves. The proposal aims to diversify Switzerland’s monetary assets and enhance financial sovereignty. As of July 2025, the initiative is in the process of gathering the required 100,000 signatures to trigger a national referendum.
The Initiative’s Genesis
The proposal, titled “For a financially sound, sovereign, and responsible Switzerland,” was officially registered with the Swiss Federal Chancellery on December 5, 2024. Spearheaded by Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of the Swiss Bitcoin nonprofit think tank 2B4CH, the initiative seeks to amend Article 99, Paragraph 3 of the Swiss Federal Constitution. The proposed amendment would read: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”
Investor Identification, Introduction, and negotiation.
To advance the proposal to a national vote, the committee must collect 100,000 signatures from Swiss citizens within 18 months, a process that began on December 31, 2024. This requirement reflects Switzerland’s direct democratic system, allowing citizens to influence constitutional amendments directly.
Rationale Behind the Proposal
Proponents argue that incorporating Bitcoin into the SNB’s reserves would bolster Switzerland’s financial independence and resilience. They contend that Bitcoin’s decentralized nature and limited supply make it an attractive hedge against inflation and geopolitical uncertainties. Luzius Meisser, a board member of Bitcoin Suisse and a central figure in the initiative, stated, “Politicians eventually give in to the temptation of printing money to fund their plans, but Bitcoin is a currency that cannot be inflated through deficit spending.” (cryptoslate.com)
The initiative also aims to position Switzerland at the forefront of global financial innovation. By embracing Bitcoin, Switzerland could reinforce its reputation as a hub for blockchain technology and attract related industries and talent. The city of Zug, known as “Crypto Valley,” has already established itself as a center for cryptocurrency and blockchain development, hosting numerous startups and hosting annual “Plan ₿” conferences. (bravenewcoin.com)
Challenges and Skepticism
Despite the enthusiasm among advocates, the proposal faces significant challenges. The SNB has expressed skepticism about adding Bitcoin to its reserves. In April 2025, SNB Chairman Martin Schlegel dismissed the idea, citing concerns over Bitcoin’s volatility and energy consumption. He stated, “Cryptocurrency cannot currently fulfill the requirements for our currency reserves.” (cointelegraph.com)
Additionally, the initiative must overcome the hurdle of gathering 100,000 signatures within the stipulated timeframe. While the campaign has garnered support from the cryptocurrency community, it remains to be seen whether it can achieve the necessary public backing to proceed to a national referendum.
Implications for Switzerland and the Global Financial Landscape
If successful, this initiative would make Switzerland the first country to constitutionally mandate Bitcoin holdings as part of its national reserves. Such a move could have significant implications for the global financial system, potentially influencing other nations to reconsider their reserve asset strategies. It would also signal a shift in the perception of cryptocurrencies, from speculative assets to legitimate components of national financial strategies.
Conclusion
Switzerland’s Bitcoin reserve proposal represents a bold step toward integrating digital assets into national financial systems. While it faces challenges, the initiative underscores the growing recognition of cryptocurrencies’ potential role in enhancing financial sovereignty and resilience. As the campaign progresses, it will be interesting to observe how it influences both national and international discussions on the future of money and reserve assets.
References
- “Swiss central bank faces call to hold bitcoin in reserves,” Reuters, December 31, 2024. (reuters.com)
- “Proposal mandating the Swiss National Bank to hold Bitcoin now underway,” Cointelegraph, January 1, 2025. (cointelegraph.com)
- “Swiss National Bank chief dismisses Bitcoin reserve calls,” Cointelegraph, April 25, 2025. (cointelegraph.com)
- “Swiss crypto advocates urge central bank to add Bitcoin to national reserves,” CryptoSlate. (cryptoslate.com)
- “Swiss Bitcoin Initiative: Proposal Seeks to Add Bitcoin to National Reserves,” Brave New Coin, January 3, 2025. (bravenewcoin.com)
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