Swiss Proposal Seeks To Mandate Bitcoin Holdings by National Bank

A proposal to amend the Swiss Federal Constitution to require the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet has been initiated, with the deadline to gather 100,000 signatures from the public set for June 30, 2026.

This initiative was set in motion by the Swiss Federal Chancellery on Dec. 31, 2023, and is spearheaded by the nonprofit think tank 2B4CH, founded by Yves Bennaïm, along with Tether's vice president of energy and mining, Giw Zanganeh.

The proposed amendment targets Article 99, Paragraph 3 of the Swiss Constitution, suggesting that the National Bank build up monetary reserves that include both gold and Bitcoin.

The move follows an unsuccessful attempt to submit a similar proposal in October 2021, during a time when the notion of state-level Bitcoin holdings was still gaining traction. To achieve the constitutional amendment, advocates must secure approximately 1.12% of Switzerland's population, totaling 8.92 million residents.

The effort comes amid growing discussions around Bitcoin adoption worldwide, including interest from politicians in Brazil and Poland, as well as a notable proposal in the United States to establish a Bitcoin reserve under the Treasury.

Despite the push for Bitcoin integration, the SNB's Chair, Martin Schlegel, has previously raised concerns regarding the crypto environmental impact and its viability as a payment method. However, Bitcoin has already seen significant acceptance in regions like Lugano, where around 260 merchants currently accept it.

The campaign's success hinges on the ability to mobilize support within the next 18 months, marking a crucial period for Bitcoin advocates in Switzerland.