Here’s What Switzerland Needs to Do to Add Bitcoin to Its National Reserves
Switzerland's Bitcoin advocates have launched a campaign for a National Referendum, urging the Swiss National Bank (SNB) to include Bitcoin in its asset reserves.
Spearheaded by Yves Bennaïm, founder and chairman of 2B4CH, and supported by Luzius Meisser, chairman of asset manager Bitcoin Suisse, the campaign aims to secure 100,000 valid signatures from Swiss citizens to trigger the referendum. If successful, all Swiss nationals will vote on the proposed constitutional amendment, a process that could take up to five years.
Meanwhile, Meisser will champion Bitcoin at the upcoming Swiss National Bank’s general assembly. Previously, Meisser proposed a similar action at the 2022 General Meeting, urging the bank to prioritize Bitcoin investments over German government bonds. He estimated that, had the bank heeded his advice, Switzerland would now possess an additional 30 billion francs.
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In 2021, 2B4CH initiated the Bitcoin Initiative, aiming to enshrine BTC as a reserve currency in the Swiss Constitution. However, the process faced some hiccups due to timing and the need for discussion. Bennaïm stated: “The reason why it took some time since the original 2021 announcement was not the 100,000 signatures… we wanted to first discuss openly with the SNB and give them the opportunity to start adopting Bitcoin before moving forward with the official procedure.”
If successful, Switzerland could become the first country in the West to embrace the flagship crypto asset. However, it would trail behind El Salvador, a Central American country that has made substantial investments in BTC and adopted it as a legal tender.