Swiss National Bank still opposed to Bitcoin
Swiss National Bank (SNB) Chairman Martin Schlegel dismissed proposals for investing in Bitcoin in the central bank’s reserves at a shareholder meeting in Bern. In an April 25 report by Reuters, Schlegel said that cryptocurrencies have yet to meet the standards for them to be added to Switzerland’s currency reserves, citing stability, liquidity, and security issues.
The move comes amid growing calls by Switzerland’s cryptocurrency community who feel that Bitcoin would act as a hedge against macroeconomic uncertainty.
Local cryptocurrency industry pushes for amendment
Activist Luzius Meisser, who sits on the board of Bitcoin Suisse, has been one of the leading voices calling for the SNB to invest in Bitcoin. In Meisser’s view, there is a need to own Bitcoin as the globe moves towards a multipolar financial order, and relying on devaluating currencies like the US dollar and euro is unsustainable over time.
A national petition launched by the Federal Chancellery of Switzerland seeks to amend the nation’s constitution, proposing that Bitcoin be included alongside gold as part of the SNB’s reserve. The campaign, backed by the 2B4CH non-profit organization, is now in the process of collecting 100,000 signatures to trigger a national referendum.
Bitcoin reserve campaign gains momentum
Should the initiative succeed, Article 99 of the Swiss constitution would be amended to obligate the SNB to hold part of its reserves “in gold and in Bitcoin.” Initiative supporters like 2B4CH founder Yves Bennaïm argue that even a small 1–2% investment in Bitcoin could help shore up the central bank’s balance sheet with an asset that becomes increasingly valuable and is resistant to inflationary pressures.
Crypto Valley’s scope is also expanding, with Zug’s blockchain industry reaching a $593 billion valuation and spawning 17 startup unicorns new in 2024 alone. Meanwhile, Bitcoin payment solutions are also proliferating in Switzerland’s mainstream economy, indicating the nation’s hastening commitment to digital assets.
