A group of Bitcoin advocates in Switzerland are making waves with their latest campaign to convince the Swiss National Bank (SNB) to add Bitcoin to its balance sheet. The nonprofit organization 2B4CH is aiming to hold a national referendum to amend Switzerland’s constitution and require the central bank to hold Bitcoin.
According to 2B4CH founder and chairman Yves Bennaïm, this move is crucial for Switzerland to maintain its political neutrality and sovereignty in an uncertain global environment. “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,” Bennaïm stated.
To achieve a referendum under Switzerland’s system of direct democracy, the advocates must collect 100,000 signatures from Swiss citizens within 18 months. With Switzerland’s population around 8.77 million, roughly 1.15% of the populace needs to sign the petition. This signature requirement posed challenges when 2B4CH attempted a similar referendum in 2021.
Luzius Meisser, President of the Bitcoin trading platform Bitcoin Suisse, supports the campaign, stating that by including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank and strengthen its neutrality. Meisser believes adopting Bitcoin could make Switzerland billions and has previously advised the SNB to allocate over $1 billion monthly to BTC instead of German bonds. However, SNB Chair Thomas Jordan has resisted, claiming Bitcoin does not meet the reserve criteria.
The campaign has garnered support from Bitcoin advocates globally, including German politician Joana Cotar, who tweeted in support of the popular initiative. If successful, the move could make Switzerland the first country in the West to hold Bitcoin reserves, following in the footsteps of El Salvador’s groundbreaking adoption of BTC as a legal tender in 2021. Proponents argue that integrating Bitcoin would diversify the SNB’s assets and signal Switzerland’s commitment to financial innovation.
