In a significant push for financial innovation, cryptocurrency advocates in Switzerland are intensifying their campaign for the Swiss National Bank (SNB) to add Bitcoin to its reserve assets. Supporters argue that increasing global economic uncertainty—partly driven by policies like tariffs—makes it more urgent than ever for the SNB to diversify its holdings.
A public referendum initiative launched in December aims to amend the Swiss constitution, compelling the central bank to hold Bitcoin alongside gold. Proponents believe that such a move would strengthen the country’s financial sovereignty and offer a hedge against potential currency devaluations.
Growing Support for Bitcoin Reserves
Luzius Meisser, a board member at Bitcoin Suisse and a key advocate of the campaign, emphasizes that the global shift toward a multipolar world order is weakening traditional currencies like the dollar and euro. Holding Bitcoin, he argues, could shield the SNB from political influences that often lead to inflationary monetary policies.
Meisser, who recently spoke at the SNB’s annual general meeting in Bern, pointed out that about three-quarters of the bank’s foreign currency reserves are held in dollars and euros. This leaves Switzerland exposed to monetary decisions made outside its borders.
He stated, “Politicians ultimately can’t resist the temptation to print money to fund their programs. Bitcoin, on the other hand, is a currency that isn’t devalued by deficit spending.”
Switzerland’s Crypto-Friendly Landscape
Switzerland has established itself as a global hub for blockchain and cryptocurrency innovation. The town of Zug, often referred to as “Crypto Valley,” is home to foundational projects like Ethereum. A study from the Lucerne University of Applied Sciences and Arts found that 11% of the Swiss population has already invested in crypto assets.
Despite this widespread adoption, the SNB remains cautious. The bank has cited Bitcoin’s price volatility, liquidity challenges, and security risks as reasons for not holding the cryptocurrency.
SNB Chairman Thomas Jordan expressed his reservations in a March interview, noting, “Cryptocurrencies are essentially software. And we all know that software often has bugs and other weaknesses.”
Addressing Concerns About Bitcoin
Yves Bennaim, another organizer of the Bitcoin Initiative, countered these concerns by highlighting the robustness of Bitcoin’s underlying technology. He described it as one of the most reliable and secure information technology systems ever created—one that continues to improve over time.
Both Meisser and Bennaim personally hold Bitcoin but stress that their advocacy is not motivated by personal gain. Instead, they see it as a way to enhance national financial security.
Bennaim also pointed out that the global Bitcoin market, with a capitalization of nearly $2 trillion, is the most liquid and stable digital asset market. Daily trading volumes regularly reach tens of billions of dollars, making it a viable asset for large institutions.
He explained, “We’re not saying the SNB should go all-in on Bitcoin. But if you have nearly a trillion Swiss francs in reserves, allocating just 1% to 2% to an asset that is appreciating, becoming more secure, and in high demand worldwide makes strategic sense.”
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Frequently Asked Questions
Why do advocates want the Swiss National Bank to hold Bitcoin?
Proponents believe that Bitcoin can serve as a hedge against inflation and currency devaluation. It would also diversify the bank’s reserves, reducing reliance on traditional fiat currencies like the US dollar and euro.
What are the main objections from the SNB?
The SNB has expressed concerns over Bitcoin’s price volatility, potential liquidity issues, and security vulnerabilities. The bank views cryptocurrencies as experimental and prefers to stick with more established reserve assets.
How does Bitcoin compare to gold as a reserve asset?
Like gold, Bitcoin is scarce and decentralized. However, it offers advantages in transferability and divisibility. Critics argue that it lacks the historical stability of gold, while supporters emphasize its growth potential and technological robustness.
Is Switzerland friendly toward cryptocurrency?
Yes. Switzerland is known for its progressive stance on crypto and blockchain innovation. Regions like Zug are considered global hubs for crypto businesses, and a significant portion of the population has invested in digital assets.
What would happen if the referendum succeeds?
If the referendum passes, it would mandate the SNB to include Bitcoin in its reserve assets. This could encourage other central banks to consider similar moves and further legitimize Bitcoin as a store of value.
How much Bitcoin would the SNB need to acquire?
Advocates suggest an allocation of 1% to 2% of the bank’s total reserves. Based on current reserve levels, this would amount to roughly 10 to 20 billion Swiss francs worth of Bitcoin.
The campaign highlights a growing global conversation about the role of cryptocurrencies in national financial systems. While the SNB remains hesitant, the combination of Switzerland’s innovative culture and broader economic trends may eventually encourage a more open-minded approach.
Whether this leads to actual policy change remains to be seen, but the discussion itself marks an important step in the evolution of both central banking and digital assets. For now, advocates continue to build their case, emphasizing stability, security, and long-term strategic value.