In Switzerland, advocates of Bitcoin are reigniting efforts to amend the Swiss constitution, aiming to have the Swiss National Bank (SNB) hold Bitcoin as part of its reserves. Yves Bennaïm, the founder and chairman of the non-profit think tank 2B4CH, asserts that integrating Bitcoin into central bank reserves would safeguard the country's sovereignty and neutrality amidst growing global uncertainty.
Preparations for the referendum are underway, with Bennaïm detailing organizational arrangements and document preparation to initiate the process. However, the endeavor faces a significant hurdle: gathering over 100,000 signatures from Swiss nationals within 18 months. This requirement proved challenging during 2B4CH's initial attempt in October 2021, when they launched the "Bitcoin Initiative" to include Bitcoin in Article 99-3 of the Swiss Federal Constitution.
With Switzerland's population standing at 8.77 million, approximately 1.15% of locals must endorse the petition for it to proceed. Luzius Meisser, president of Bitcoin-focused trading platform Bitcoin Suisse, echoes the sentiment, emphasizing that incorporating Bitcoin into reserves would underscore Switzerland's independence from the European Central Bank and bolster its neutrality.
Meisser will advocate for Bitcoin's inclusion in the SNB's balance sheet during an upcoming meeting on April 26. His presentation aims to convince the central bank of the potential benefits. Notably, Meisser previously proposed that the SNB purchase 1 billion Swiss francs worth of Bitcoin monthly in March 2022 as an alternative to German government bonds, but the suggestion was rebuffed by SNB President Thomas Jordan.
Despite past setbacks, Meisser remains optimistic, estimating that Switzerland could gain CHF30 billion ($32.9 billion) by adopting his proposal in 2022. He suggests that failure to act could result in other central banks investing in Bitcoin, thereby driving up prices substantially for Switzerland. Meanwhile, Leon Curti, head of research at Digital Asset Solutions, anticipates that recent approvals of spot Bitcoin exchange-traded funds in the US and Hong Kong could sway the SNB's stance on Bitcoin investment.
The initiative garnered positive feedback from German politician and Bitcoin advocate Joana Cotar, highlighting diverging views on digital currencies within the EU.
