Key Takeaways
- Switzerland advances proposal to add Bitcoin to national reserves.
- 100,000 signatures needed by June 2026 for a public vote.
- The move faces criticism over Bitcoin's volatility and energy use.
Switzerland has taken a step closer to incorporating Bitcoin into its national reserves with the formal registration of an initiative titled
Financially Strong, Sovereign, and Responsible Switzerland.
This proposal, published in the Swiss Federal Gazette on December 31, 2024, seeks to amend Article 99 of the Swiss Constitution to include Bitcoin alongside gold in the Swiss National Bank’s (SNB) reserves.
Signature requirements
The initiative requires 100,000 signatures within 18 months to qualify for a national vote under Switzerland’s direct democracy system.
If successful, Swiss citizens will decide on the matter in a referendum.
Proponents argue that Bitcoin’s decentralized and deflationary characteristics enhance financial stability and sovereignty, particularly during economic crises.
Stakeholder perspectives
Yves Bennaïm, founder of the think tank 2B4CH, emphasized the timeliness of the proposal, stating:
Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures.
Critics, including SNB Chairman Martin Schlegel, have expressed skepticism, citing Bitcoin’s volatility and environmental concerns.
Meanwhile, the Swiss Financial Market Supervisory Authority (FINMA) has raised concerns about money laundering risks.
Path forward
With only 1.12% of Switzerland’s 8.92 million population needed to back the initiative, the path to a referendum is achievable.
If adopted, Switzerland would join countries like El Salvador and Bhutan in holding Bitcoin reserves, setting a potential global precedent.
