Under the name "For a Financially Strong, Sovereign and Responsible Switzerland (Bitcoin Initiative)", a private committee wants the Swiss National Bank (SNB) to invest in bitcoin. The group, led by Swiss Internet pioneer and bitcoin specialist Yves Bennaïm, launched the initiative.
The text of the initiative has already been published in the Federal Gazette, according to the legal platform Fedlex. Following the submission of the signature list on December 5, 2024, and the finalization of the text, the signature collection period will run until June 2026. The proposal seeks to amend the Federal Constitution (Art. 99 para. 3), which currently requires the SNB to hold gold reserves, by adding bitcoin as part of its currency reserves.
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Bitcoin investment: A missed opportunity?
The idea is not new. At the SNB's 2022 General Meeting, shareholders led by crypto pioneer Luzius Meisser proposed investing one billion Swiss francs a month in bitcoin. This strategy would have outperformed traditional investments, with gains of over 148% compared to annual bond yields of less than 2.5%.
At the time, then-SNB President Thomas Jordan responded that bitcoin did not meet the requirements for currency reserves. The initiative committee led by Yves Bennaïm is now trying again - this time with the support of Swiss citizens. For the initiative to succeed, 100,000 signatures must be collected within the first 18 months. Once this is achieved, the proposal would be put to a national vote. However, the likelihood of success in such a referendum currently seems slim. When asked by CVJ.CH, Bennaïm remains optimistic.
"We are very confident that we will reach the 100,000 signatures in time. We have strong support, ranging from BAS to various bitcoin and crypto companies. According to Agefi, 10% of Swiss citizens own bitcoin and/or cryptocurrencies - well over 100,000 people. It's just a matter of reaching them.
In our opinion, it's also possible to get a majority in favor of the proposal, as the vote is still a long way off. By then, more people will understand the issue. Of course, it won't be easy - it never is. But it's certainly not an unrealistic fantasy." - Yves Bennaïm, bitcoin expert and head of the initiative committee.
A race between the nations?
Swiss citizens are not the only ones calling for a national bitcoin reserve. Around the globe, advocates are pushing their nations to invest in the largest cryptocurrency. Leading the way is the United States, where President-elect Donald Trump promised a "strategic national bitcoin reserve" during his campaign. On the one hand, more than $20 billion worth of bitcoins seized through legal action would not be sold. On the other hand, proposals such as a bill by U.S. Senator Cynthia Lummis suggest additional investments.
If these words were translated into action, the pressure on other nations would immediately increase. The United States is the only country with a substantial bitcoin reserve from seizures. Other geopolitical players like Russia and China would have to buy bitcoin on the open market or start mining again. So it's no surprise that Putin has taken the first steps in recent months to legalize and support bitcoin. The Swiss National Bank still has the opportunity to play a pioneering role in the adoption of bitcoin.
