Gathering Support for a Constitutional Change
In Switzerland, a group of Bitcoin enthusiasts is spearheading a renewed effort to integrate Bitcoin (BTC) into the Swiss National Bank’s reserves. To set this motion in action, they require the backing of over 100,000 Swiss citizens to initiate a referendum aimed at amending the country’s constitution. This initiative, led by Yves Bennaïm, founder of the nonprofit think tank 2B4CH, follows an unsuccessful attempt in October 2021 when they fell short of the necessary signatures.
Strategic Implications of Bitcoin in National Reserves
Advocates for the proposal argue that adding Bitcoin to the national reserves would enhance Switzerland’s sovereignty and neutrality, especially given the current global financial uncertainties. Luzius Meisser, president of Bitcoin Suisse, is working closely with Bennaïm to gather support. Meisser, who has a scheduled meeting with the Swiss National Bank, believes that incorporating Bitcoin could significantly assert Switzerland’s financial independence from the European Central Bank.
Challenges and Opportunities Ahead
Despite the enthusiasm surrounding this initiative, it faces considerable challenges. Swiss National Bank Chair Thomas Jordan has previously expressed skepticism, noting in April 2022 that Bitcoin does not meet the necessary criteria to be included as a reserve currency. However, recent developments in global markets, including the approval of spot Bitcoin exchange-traded funds in the United States and Hong Kong, may influence the Swiss National Bank’s stance.
Moreover, Meisser suggests that had the bank acted on his advice in 2022 to buy Bitcoin, Switzerland could have been richer by approximately $32.9 billion (30 billion Swiss francs). He warns that delays could lead to purchasing Bitcoin at much higher prices if other central banks start investing first.
The initiative has gained some international attention, with German politician and Bitcoin activist Joana Cotar expressing support, highlighting the broader interest in digital currency integration within government reserves.
