Switzerland considers adopting the Bitcoin reserve, representing an expansion of the SNB’s portfolio comprising the dollar, euro, and gold.
Switzerland is preparing to implement the Bitcoin reserve in response to the increasing acceptability of cryptocurrency, which Donald Trump’s progressive policies have stimulated. Advocates of cryptocurrency across the country suggest that BTC be classified as a reserve asset in addition to the dollar, euro, and gold. This initiative could establish Bitcoin’s lawful status in the European nation.
According to a recent report, the campaigners have initiated the collection of 100,000 signatures, resulting in a national referendum on the adoption of Bitcoin. This action can potentially induce the Swiss National Bank (SNB) to reevaluate its pessimistic stance toward the flagship cryptocurrency.
Switzerland to Vote on Bitcoin Reserve
The Swiss Federal Chancellery initiated the Bitcoin reserve proposition on December 31, 2024, following a failed attempt in October 2021. The motion garnered additional attention following the 2024 US election, in which Donald Trump, who refers to himself as the “crypto President,” emerged victorious.
The BTC proposal was initiated by the country to modify the Swiss Federal Constitution, thereby enabling the inclusion of Bitcoin in the SNB portfolio. The deadline for collecting the necessary signatures is June 30, 2026. The proposal would be submitted to the Federal Assembly after the signature count has been completed, and a public referendum will follow.
Crypto devotee Rino Borini referenced the Swiss public’s favorable attitude toward the BTC reserve in his commentary.
People here certainly show more interest and openness for Bitcoin as a store of value than in neighboring countries. It’s like with cash. The Swiss like it for its security and privacy.
Bitcoin Is Set to Dominate Centralized Assets
Even though most of the central bank’s reserve assets are foreign, Switzerland frequently relies on other governments. Many individuals believe that the decentralized crypto asset could render the country’s financial ecosystem independent by implementing a BTC reserve.
Nevertheless, the SNB, known for its conservatism, has expressed skepticism regarding the Bitcoin reserve proposal despite the increasing public support for its implementation. SNB Chair Martin Schlegel expressed apprehension regarding the feasibility of crypto as a payment method in response to the substantial volatility of BTC. In November, he rejected the proposal, characterizing cryptocurrency as a “niche phenomenon.”
Furthermore, the most significant cryptocurrency by market capitalization consistently exhibits unpredictable behavior, which continues to be a substantial obstacle for many individuals who regard it as a legitimate asset. Alessandro Bee, an economist at UBS, cautioned that the high volatility of Bitcoin poses a risk of SNB’s equity contracting in conjunction with a market decline. He stated, “The SNB’s credibility may be compromised over an extended period.”
The Swiss economy is adapting to the future of finance
Switzerland has been at the vanguard of blockchain advancements and crypto adoption. The Swiss crypto ecosystem has experienced development as a result of the country’s advanced technologies and favorable regulatory framework. Additionally, the nation’s status as a global cryptocurrency center is further solidified by its “crypto valley” and blockchain-focused education. With the Swiss’ acceptance of the Bitcoin reserve proposition, the country has the potential to become a global leader.
