In Switzerland, a recent effort by Bitcoin proponents to mandate the inclusion of Bitcoin in the reserves of the nation’s central bank has not succeeded. As reported by Reuters, this campaign will conclude after failing to secure enough signatures for a referendum.
The initiative, known as the “Bitcoin Initiative,” sought to modify the Swiss Constitution so that the Swiss National Bank (SNB) would be required to hold Bitcoin alongside its gold and foreign currency reserves. To trigger a referendum process under Swiss law, 100,000 signatures were needed. However, with only weeks remaining before the deadline for gathering signatures, approximately half of what was required had been collected.
Yves Bennaim, founder of the initiative, acknowledged its challenges but expressed optimism about raising awareness around Bitcoin’s potential benefits. He stated to Reuters that although they did not meet their goal this time around, increasing public understanding is vital for future endeavors.
The SNB has previously indicated it is not inclined to consider Bitcoin as part of its reserve assets due to concerns over high volatility and inadequate market liquidity. The bank concluded that cryptocurrencies do not fulfill their criteria for reserve assets since these must be easily adjustable and retain value consistently.
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Globally, while some central banks are contemplating incorporating digital assets into their reserves with varying strategies gaining traction; others remain cautious. For instance, last year saw reports that Czech Central Bank acquired roughly $1 million worth of cryptocurrencies and blockchain-based assets as part of an experimental approach towards digital asset markets; meanwhile European Central Bank emphasizes liquidity and security in reserve management.
The recent downturn in Bitcoin prices has reignited discussions surrounding its viability as a reserve asset. According to data from Reuters reports indicating that so far in 2026 alone Bitcoin’s value has decreased by approximately 7.5%, following a decline rate from previous year at 6.4%. Despite these fluctuations however Bennaim asserts there’s no liquidity issue present within cryptocurrency markets given daily trading volumes can reach tens of billions dollars.
Supporters advocate for integrating Bitcoin into SNB’s reserves claiming it could diversify away from traditional dollar/euro reliance; currently three-quarters consisting primarily those currencies according Bennaim who states “Bitcoin serves alternative purpose akin neutrality represented by Switzerland itself.”
*This article does not constitute investment advice.*
FAQ
- What was the main goal of the “Bitcoin Initiative”?
The primary aim was to amend Switzerland’s Constitution requiring SNB (Swiss National Bank) hold bitcoin alongside gold & foreign currency reserves. - Why did this initiative fail?
The campaign failed because it could not gather enough signatures—only about half were collected before deadline expired. - DoeSNB consider bitcoin suitable as reserve asset?
No; SNB believes bitcoin lacks necessary stability & liquidity needed meeting their criteria for acceptable reserve assets - If some central banks are exploring digital currencies why isn’t SNB?
SNB remains cautious citing concerns regarding volatility & insufficient market conditions which do not align with desired attributes reserved financial instruments should possess . - If price drops occur frequently how does trading volume remain high ? This phenomenon occurs because despite price fluctuations , active traders continue engaging resulting large daily transaction volumes exceeding tens billion dollars .