A group of Bitcoin advocates in Switzerland has launched a campaign to convince the Swiss National Bank (SNB) to add Bitcoin to its balance sheet.
Nonprofit organization 2B4CH aims to hold a national referendum to amend the Swiss Constitution to require the central bank to hold Bitcoin.
BREAKING: 🇨🇭Bitcoiners to launch petition for Swiss National Bank to buy #Bitcoin
Little by little, then suddenly 🙌 pic.twitter.com/8AkF8YrP86
– Bitcoin Magazine (@BitcoinMagazine) April 22, 2024
According to the founder and president of 2B4CH Yves Bennaïmthis decision would help Switzerland maintain its political neutrality and sovereignty in an uncertain global environment.
“We are completing the organizational preparations of the committee and preparing the documents that must be submitted to the State Chancellery to start the process,” Bennaïm said.
To hold a referendum under Switzerland's system of direct democracy, supporters must collect 100,000 signatures from Swiss citizens within 18 months. With a population of approximately 8.77 million, approximately 1.15% of the population is required to sign the petition. This signature requirement posed challenges when 2B4CH attempted a similar referendum in 2021.
Luzius Meisser, president of the Bitcoin trading platform Bitcoin Suisse, supports the new campaign. “By including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank. Such a measure would strengthen our neutrality,” Meisser said.
Meisser believes Bitcoin adoption could bring billions to Switzerland; he previously advised the SNB to allocate more than $1 billion per month to BTC instead of German bonds. However, SNB Chairman Thomas Jordan has so far resisted, saying Bitcoin does not meet the reserve criteria.
The campaign has gained support from Bitcoin advocates around the world, including a German politician. Joana Cotar. “Now comes the popular initiative that wants to force the National Bank to buy Bitcoin,” she tweeted.
If successful, the move could make Switzerland the first Western country to hold Bitcoin reserves. This reflects El Salvador's groundbreaking adoption of BTC as legal tender in 2021. Supporters argue that integrating Bitcoin would diversify the SNB's assets and signal Switzerland's commitment to financial innovation.