Key Points
- Swiss Bitcoin enthusiasts are pushing for the Swiss National Bank (SNB) to include Bitcoin in its reserves.
- The non-profit think tank 2B4CH is leading the initiative, aiming to alter Switzerland’s constitution to accommodate Bitcoin alongside Gold.
Bitcoin supporters in Switzerland are advocating for the Swiss National Bank (SNB) to incorporate Bitcoin (BTC) into its reserves. A group of Bitcoin proponents have initiated efforts for a referendum to slightly modify Switzerland’s constitution, integrating Bitcoin reserves with Gold.
Bitcoin’s Place in Swiss Reserves
As per a local news report from Neue Zürcher Zeitung (NZZ), the constitution dictates that the Swiss National Bank generates currency reserves from its income, storing a portion of it in Gold. 2B4CH, a non-profit think tank, is now advocating for the relevant constitutional article to include “Gold and Bitcoin”.
Yves Bennaïm, founder and chairman of 2B4CH, stated that the organization is actively preparing:
“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process.”
To realize any success, 2B4CH must gather 100,000 signatures from citizens within 18 months before a referendum can take place.
This is not the first time the think tank has lobbied the SNB to hold Bitcoin reserves. In 2021, 2B4CH initiated the campaign on X (formerly Twitter), aiming to amend Article 99 Clause 3 of the Federal Constitution. At that time, 2B4CH acknowledged that it was not “too optimistic about getting a law actually passed”. However, it aimed to collect 100k signatures to spark a public discussion and debate.
Switzerland’s Potential Financial Gain
Luzius Meisser, President of Bitcoin trading platform Bitcoin Suisse, believes the move would enable Switzerland to function independently from the European Central Bank (ECB). Meisser is currently assisting Bennaïm with the initiative and will have 3 minutes to present their case before the SNB at an April 26 meeting.
The NZZ report reveals that Meisser previously suggested the SNB buy 1 billion Swiss francs a month at the 2022 general meeting. According to him, Switzerland would be wealthier by $32.9 billion (30 billion Swiss francs) if it had followed Meisser’s advice. The Bitcoin Suisse President now warns that delaying this move would be harmful to Switzerland. He suggests that other central banks will turn their attention to Bitcoin and purchase the asset, forcing Switzerland to eventually buy Bitcoin at much higher prices.
The efforts of Bennaïm and Meisser are significantly raising awareness for Bitcoin and its potential applications. Even if the current attempt fails again, the efforts, including Meisser’s upcoming SNB speech, are strong enough to keep the conversation alive for some time.
In 2022, the SNB Chairman Thomas Jordan stated at its general meeting that “we do not believe Bitcoin meets the requirements of currency reserves. That’s why we have until now decided not to have Bitcoin on our balance sheet”. However, “buying Bitcoin is not a problem for us. We can do that either directly or can buy investment products which are based on Bitcoin,” he added.
