Swiss Bitcoin Advocates Push for Central Bank Adoption

Swiss Bitcoin proponents are once again launching efforts to persuade the Swiss National Bank (SNB) to incorporate Bitcoin into its reserves, aiming to amend the nation’s constitution through a referendum. However, their initial challenge remains: gathering over 100,000 signatures from Swiss citizens within 18 months to trigger the referendum, a hurdle that stymied their earlier endeavor in October 2021.

Leading this campaign is 2B4CH, a nonprofit think tank led by Yves Bennaïm. Bennaïm emphasizes that including Bitcoin in the SNB’s reserves is crucial for safeguarding Switzerland’s sovereignty and neutrality amid global uncertainties. Organizational preparations are underway, with documents being readied for submission to the State Chancellery, as reported by Swiss news outlet Neue Zürcher Zeitung (NZZ) on April 20.

The petition requires support from approximately 1.15% of Switzerland’s population, equating to around 100,000 signatures. Luzius Meisser, president of Bitcoin Suisse, collaborating with Bennaïm, underscores that such a move would signify Switzerland’s independence from the European Central Bank and enhance its neutrality.

Meisser will present the case for Bitcoin adoption to the SNB during an upcoming meeting on April 26, with just three minutes to advocate. Previously, Meisser proposed the SNB to allocate 1 billion Swiss francs per month to Bitcoin, which was declined by SNB Chair Thomas Jordan in April 2022.

Meisser argues that Switzerland could have gained 30 billion Swiss francs had the SNB embraced Bitcoin in 2022, warning against delayed action, which could lead to higher acquisition costs. Nonetheless, Leon Curti from Digital Asset Solutions remains optimistic, citing recent approvals of spot Bitcoin exchange-traded funds in the US and Hong Kong as potential influencers on SNB’s decision.

The initiative has garnered support beyond Switzerland, with German politician and Bitcoin advocate Joana Cotar expressing approval, particularly in opposition to a European Union-backed digital currency.