Launch of a popular initiative to induce the purchase of Bitcoin by the Swiss National Bank.
According to the local newspaper NZZ, a group of Bitcoin enthusiasts in Switzerland is pushing to compel the Swiss National Bank (SNB) to include Bitcoin in its reserves. The group, led by Yves Bennaïm, founder and president of the non-profit organization 2B4CH, suggests holding a referendum on the matter. However, before the referendum can take place, the organization needs to gather at least 100,000 signatures from Swiss citizens within a timeframe of 18 months. In Switzerland, each citizen indeed has the power to initiate a national referendum to amend the constitution if they manage to collect 100,000 valid signatures from other Swiss citizens.
Motivations behind the initiative
According to Bennaïm, by integrating Bitcoin into the central bank’s reserves, Switzerland could strengthen its independence and neutrality in a highly uncertain global context. His viewpoint is shared by Luzius Meisser, president of the Bitcoin Suisse platform, who works closely with Bennaïm on implementing the project. Regarding the initiative, Meisser stated:
“Including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank. Such a step would strengthen our neutrality.”
Meisser will attempt to convince the Swiss National Bank of the benefits of adding Bitcoin to its balance sheet in a meeting on April 26.
As reported by NZZ, Meisser previously sought to persuade the central bank to purchase 1 billion Swiss francs worth of Bitcoin each month instead of German government bonds in March 2022. However, Swiss National Bank Chair Thomas Jordan reportedly stated that Bitcoin did not meet the requirements to be considered a reserve currency by the SNB.
Leon Curti, head of research for asset manager Digital Asset Solutions, believes that the approval of spot Bitcoin ETFs in the United States could prompt the Swiss National Bank to consider purchasing Bitcoin.
Past attempts
In October 2021, the organization 2B4CH had already launched the so-called “Bitcoin Initiative.” Its intent was and still remains to amend Article 99 of the Swiss Federal Constitution by adding the words “and Bitcoin” at the end of paragraph 3. The current article reads:
“The National Bank establishes sufficient monetary reserves by drawing on its proceeds; part of these reserves consists of gold.”
In 2021, the project did not reach the required goal of 100,000 signatures, which is why the organization is now planning to make a second attempt.
