Swiss National Bank Proposed to Accept Bitcoin as Reserve Asset

Key Points:

• A proposed Swiss constitutional amendment seeks to require the Swiss National Bank to hold Bitcoin alongside gold as part of its reserves.
• The initiative, backed by cryptocurrency advocates, needs 100,000 signatures to proceed to a nationwide referendum.

According to Reuters, Switzerland edges closer to the possibility of making history with the decision to adopt Bitcoin.

Read more: Swiss Company Relai Celebrates Christmas with $1.24M Bitcoin Purchase  

Swiss Proposal Aims to Provide Swiss National Bank with Bitcoin Reserves

A constitutional amendment, “For a Financially Strong, Sovereign, and Responsible Switzerland,” was submitted to force the Swiss National Bank to invest some of its reserves in Bitcoin, along with gold. The Swiss Federal Chancellery has verified that the proposal has fulfilled all legal conditions, such as gathering valid signatures and following proper procedure.

Backed by cryptocurrency advocates and financial reformers alike, the initiative aims to amend Article 99 of the Swiss Constitution. Proponents say that Bitcoin is decentralized and deflationary, adding value to Switzerland’s financial stability and sovereignty.

Also known as the “Bitcoin Initiative,” the proposal was officially submitted on December 5, 2024, and has since been gaining momentum amidst increasing global interest in the adoption of Bitcoin at the sovereign level.

Organisers of the initiative now have 18 months to amass 100,000 valid signatures for it to go to a national vote. Switzerland, where such referendums on law changes are not at all a rarity, may hold a vote on the measure if the signature threshold is met.

US States and Companies Explore Reserves in Bitcoin

The Swiss National Bank had previously been cold toward Bitcoin. The chairman of the central bank recently commented on his concerns about cryptocurrencies, including Bitcoin and Ethereum.

The move is part of a larger trend of states considering Bitcoin reserves. Ohio introduced legislation adding Bitcoin to treasury reserves not too long ago, joining Texas and Pennsylvania in that effort. Companies like MicroStrategy and Metaplanet have also been upping their Bitcoin reserves.