A coalition of Bitcoin supporters in Switzerland is pushing for the Swiss National Bank (SNB) to add Bitcoin to its reserve holdings. They’re planning to start a petition for a referendum aimed at changing the national constitution, which will necessitate collecting signatures from over 100,000 Swiss nationals.
According to Yves Bennaïm, founder and chairman of the non-profit think tank 2B4CH, which is spearheading this effort, incorporating Bitcoin into the SNB’s reserves could help protect Switzerland’s “sovereignty and neutrality” amidst a volatile global environment. This was conveyed in an interview with the Swiss publication Neue Zürcher Zeitung (NZZ).
Finalizing the needed documents for 2B4CH
Bennaïm mentioned that the final touches are being put on the committee’s organizational setup and the essential paperwork for submission to the State Chancellery is almost complete. Yet, the undertaking faces hurdles. According to the Swiss constitution, a referendum is permissible only if a minimum of 100,000 Swiss citizens endorse a petition within 18 months.
The initial effort by 2B4CH in October 2021 faced challenges as they embarked on the “Bitcoin Initiative.” Their objective was to modify Article 99-3 of the Swiss Federal Constitution to recognize Bitcoin as a reserve currency. In Switzerland, which has a population of 8.77 million, about 1.15% of residents are required to endorse the petition by signing it. Luzius Meisser, who serves as the president of the Bitcoin-centric trading platform Bitcoin Suisse and supports Bennaïm in this endeavor, argues that incorporating Bitcoin into the Swiss National Bank’s (SNB) reserves would underscore Switzerland’s autonomy from the European Central Bank and bolster its stance of neutrality.
Meisser to examine pros of adding Bitcoin to financial records
Meisser is set to discuss the advantages of incorporating Bitcoin into the Swiss National Bank’s (SNB) portfolio in a meeting on April 26. He will have a brief window of just three minutes to present his argument. Previously, in March 2022, Meisser had proposed that the central bank should invest 1 billion Swiss francs ($1.1 billion) monthly into Bitcoin instead of German government bonds. However, SNB Chairman Thomas Jordan was quoted in April 2022 saying that Bitcoin does not fulfill the criteria to be recognized as a reserve currency.
Meisser contends that if the central bank had heeded his advice in 2022, Switzerland would now be wealthier by 30 billion Swiss francs ($32.9 billion). He cautions that procrastination might lead to other central banks purchasing Bitcoin at much higher rates, putting Switzerland in a less favorable position. The NZZ’s report on the petition has attracted backing from Joana Cotar, a German politician and advocate for Bitcoin, who is notably against the idea of a digital currency endorsed by the European Union.
Western Europe has become a prominent area for cryptocurrency adoption worldwide, drawing in between 1.2 million and 1.5 million daily traders.
