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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
