A group of Bitcoin enthusiasts in Switzerland are making a fresh attempt to persuade the Swiss National Bank (SNB) to include Bitcoin in its reserves. They plan to hold a referendum to amend the country’s constitution, but first, they must gather over 100,000 signatures from Swiss citizens. The goal is to protect Switzerland’s “sovereignty and neutrality” in an uncertain global landscape, according to Yves Bennaïm, the founder of the nonprofit think tank 2B4CH.
Bennaïm stated that the organization is currently preparing the necessary documentation to submit to the State Chancellery and begin the process. However, meeting the signature threshold has proven to be a challenge in the past. 2B4CH previously launched the “Bitcoin Initiative” in October 2021, aiming to add Bitcoin as a reserve currency to the Swiss Federal Constitution. With a population of 8.77 million, approximately 1.15% of Swiss citizens must sign the petition.
Adding Bitcoin to the SNB’s reserves would signify Switzerland’s independence from the European Central Bank and strengthen its neutrality, according to Luzius Meisser, the president of Bitcoin Suisse. Meisser will have an opportunity to make a case for Bitcoin during a meeting with the SNB on April 26, where he will be given three minutes to present his arguments. In the past, Meisser suggested that the central bank should buy 1 billion Swiss francs ($1.1 billion) worth of Bitcoin monthly as an alternative to German government bonds. However, the SNB’s Chair, Thomas Jordan, reportedly stated that Bitcoin did not meet the requirements to be added as a reserve currency.
Meisser argues that Switzerland would have been 30 billion Swiss francs ($32.9 billion) wealthier if the central bank had followed his suggestion in 2022. He warns that delaying the decision could result in other central banks entering the Bitcoin market and driving up prices, making it more expensive for Switzerland to acquire the cryptocurrency.
While some experts, like Leon Curti from Digital Asset Solutions, believe that the recent approvals of spot Bitcoin exchange-traded funds in the US and Hong Kong could influence the SNB’s stance, others remain skeptical. However, the article also highlights positive responses to the initiative, including from German politician and Bitcoin activist Joana Cotar, who opposes a European Union-backed digital currency.
Cointelegraph reached out to 2B4CH for further comment but did not receive an immediate response.