The Swiss Federal Chancellery initiated a proposal on December 31, 2023, to amend the Swiss Federal Constitution, requiring the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves. Spearheaded by the nonprofit think tank 2B4CH, founded by Yves Bennaïm and Tether’s vice president of energy and mining, Giw Zanganeh, the initiative needs 100,000 public signatures by June 30, 2026, to proceed.
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Proposed Amendment to Article 99
The proposed amendment specifically targets Article 99, Paragraph 3 of the Swiss Constitution. It suggests adding Bitcoin alongside gold as a mandatory component of the SNB’s monetary reserves. This initiative follows a previous unsuccessful attempt in October 2021, when the concept of government-held Bitcoin was less prevalent. To successfully amend the constitution, proponents need signatures from approximately 1.12% of Switzerland’s 8.92 million residents.
Global Momentum for Bitcoin Adoption
This Swiss initiative reflects a growing global trend toward Bitcoin adoption. Politicians in Brazil and Poland have expressed interest, and a notable proposal in the United States aims to establish a Bitcoin reserve under the Treasury.
SNB’s Reservations and Lugano’s Bitcoin Embrace
Despite the increasing momentum, SNB Chair Martin Schlegel has voiced concerns about Bitcoin’s environmental impact and its practicality as a payment method. Conversely, Bitcoin has gained significant traction in Switzerland, particularly in Lugano, where over 260 merchants currently accept it as payment. This local acceptance contrasts with the SNB’s reservations, highlighting the ongoing debate surrounding Bitcoin’s role in the financial system.
A Critical Period for Swiss Bitcoin Adoption
The success of this campaign hinges on garnering sufficient public support within the next 18 months. This period represents a crucial juncture for Bitcoin advocates in Switzerland, potentially shaping the country’s monetary policy and its position in the evolving landscape of digital currencies. The outcome of this initiative could significantly influence the future of Bitcoin adoption not only in Switzerland but also globally.
