A coalition of crypto advocates in Switzerland is campaigning for the Swiss National Bank (SNB) to diversify its foreign reserves by acquiring Bitcoin (BTC). The initiative was launched in December as a constitutional referendum with the goal of legally requiring the SNB to hold Bitcoin alongside gold in its foreign asset portfolio. Proponents believe that Switzerland should adjust its reserve strategy to reflect a global transition towards multipolarity and reduced dependence on traditional currencies like the US dollar and euro. They argue that Bitcoin offers an inflation-resistant alternative to fiat currencies, as it cannot be inflated through deficit spending.
Luzius Meisser, a board member of Bitcoin Suisse and a central figure in the initiative, stated that politicians often resort to printing money to fund their plans, but Bitcoin provides a currency that is resistant to inflation. Meisser is set to present the initiative’s rationale to stakeholders at the SNB’s annual general meeting in Bern. In order to proceed to a national vote, the referendum process requires 100,000 verified signatures. If successful, this would be the first initiative globally to mandate Bitcoin holdings by a central bank through constitutional reform.
The campaign for the SNB to acquire Bitcoin comes at a time when sovereign wealth funds are accumulating the cryptocurrency. Supporters of the referendum suggest that allocating a small portion of the SNB’s $1 trillion Swiss franc reserve portfolio into Bitcoin, specifically 1% to 2%, could protect against monetary debasement without exposing the bank to excessive volatility. They argue that the current foreign currency holdings of the SNB, consisting mainly of US dollars and euros, expose Switzerland to foreign political dynamics and devaluation risks driven by fiscal policies abroad.
Proponents of the initiative also point to Switzerland’s prominence in the crypto industry as a reason for the SNB to diversify into Bitcoin. The country hosts “Crypto Valley” in Zug, which is a dedicated zone for crypto industries. Switzerland also ranked 55th out of 151 countries in Chainalysis’ “Geography of Crypto Report,” highlighting its significance in the crypto world. Yves Bennaim, another supporter of the initiative, emphasized the security and liquidity of Bitcoin’s underlying technology, stating that the global Bitcoin market is the most liquid and established among digital assets.
Despite the momentum of the campaign, the Swiss National Bank remains cautious towards crypto assets. SNB Chairman Martin Schlegel cited Bitcoin’s high volatility, limited liquidity in crisis scenarios, and technical vulnerabilities as factors that currently prevent its inclusion in official reserves. Schlegel expressed skepticism even after the Federal Chancellery approved submitting a constitutional amendment proposal in December requiring the SNB to hold part of its reserves in Bitcoin. The debate over whether the Swiss National Bank should acquire Bitcoin continues, with proponents highlighting the potential benefits of diversification and protection against monetary and geopolitical risks.
