A new effort led by several Swiss Bitcoin supporters aims to use a constitutional referendum to force the Swiss National Bank to add Bitcoin (BTC) to its holdings.
The initiative’s driving force, the non-profit think tank 2B4CH, is led by Yves Bennaïm, who argues that adding Bitcoin to the central bank’s reserves is essential to preserving Switzerland’s “sovereignty and neutrality” in the face of increasing global instability.
In an interview with the Neue Zürcher Zeitung in Switzerland on April 20, Bennaïm stated that they are completing the organizational structure and preparing the paperwork to be sent to the State Chancellery to start the referendum.
The first hurdle that hindered 2B4CH’s initial attempt in October 2021 was collecting 100,000 signatures from Swiss citizens within 18 months in order to meet the referendum’s signature requirement.
The “Bitcoin Initiative” at the time sought to amend Article 99-3 of the Swiss Federal Constitution to include Bitcoin as a reserve currency. With 8.77 million people living in Switzerland, 1.15 percent of the country’s population has to back the petition.
Leading the Bitcoin-focused trading platform Bitcoin Suisse and working with Bennaïm, Luzius Meisser said adding Bitcoin would validate Switzerland’s impartial stance and financial autonomy from the European Central Bank.
Meisser is ready to talk about the benefits of including Bitcoin in the central bank’s assets when he meets with the Swiss National Bank on April 26. He will have three minutes to make his case.
Thomas Jordan, the chair of the Swiss National Bank, rejected his earlier proposal in March 2022 for the bank to purchase $1.1 billion in Bitcoin each month in place of German government bonds.
Jordan later declared in April 2022 that Bitcoin did not meet the requirements to be classified as a reserve currency. Meisser thinks the central bank would have benefited by an extra $32.9 billion if it had followed his advice in 2022.
He also issued a warning, saying that while other central banks might begin purchasing Bitcoin, delays could result in greater acquisition costs. The head of research at Digital Asset Solutions, Leon Curti, is still optimistic that the Swiss National Bank’s position on Bitcoin investing may change in light of the recent approvals of Bitcoin spot exchange-traded funds in the US and Hong Kong.
International personalities have also endorsed the project, including German lawmaker and Bitcoin activist Joana Cotar, particularly critical of a digital currency backed by the European Union.
The country’s thriving role as a hub for blockchain and cryptocurrency innovation is complemented by the endeavor to incorporate Bitcoin into Switzerland’s national reserves, as evidenced by the notable growth of Crypto Valley, a leading web3 and blockchain center in Switzerland.
The value of the top 50 companies in Crypto Valley doubled to $382.93 billion in 2023. Notable organizations included Ripple’s custody solution Metaco, the Cardano Foundation, the Ethereum Foundation, and Nexo.
Reiterating the country’s progressive position on digital currencies, Lugano in Southern Switzerland declared in December that it will accept Bitcoin and other cryptocurrencies for tax payments.
