Swiss Bitcoin Reserve Referendum Fails to Gather Signatures
A campaign by Bitcoin advocates to force the Swiss National Bank (SNB) to hold Bitcoin as a reserve asset has failed. The initiative, known as the “Bitcoin Initiative,” aimed to amend the Swiss Constitution to require the SNB to include Bitcoin alongside gold and foreign currency reserves. Under Swiss law, the campaign needed 100,000 signatures to trigger a referendum. However, weeks before the deadline, organizers had collected only about half of the required signatures.
Yves Bennaim, the founder of the initiative, acknowledged the difficulty. “We knew from the beginning that this was a difficult goal. For now, we’ll let the initiative run its course,” he told Reuters. Despite the setback, Bennaim argued that the campaign had raised awareness, which he believes is crucial for long-term goals.
SNB’s Stance on Cryptocurrency Reserves
The SNB had previously made clear it was not keen on considering Bitcoin as a reserve asset. The bank cited high volatility and insufficient market liquidity of cryptocurrencies. According to the SNB, reserve assets must be easily increased or decreased as needed and maintain their value. “Cryptocurrencies do not meet the SNB’s reserve criteria,” the bank concluded.
Global Central Bank Approaches to Digital Assets
While the Swiss effort stalled, some central banks worldwide are exploring digital assets. The Czech Central Bank reportedly purchased about $1 million worth of cryptocurrencies and blockchain-based assets last year to experiment with digital asset markets. In contrast, the European Central Bank has taken a more cautious approach, arguing that reserves must be “liquid, safe, and secure.”
Bitcoin’s Recent Price Performance
Recent price drops in Bitcoin have reignited the debate. According to Reuters data, Bitcoin has lost approximately 7.5% of its value so far in 2026. The previous year, the decline was 6.4%. Despite this, Bennaim argues that Bitcoin does not have a liquidity problem, pointing to daily trading volumes that reach tens of billions of dollars.
Bitcoin supporters believe the digital asset could diversify the SNB’s reserves by reducing the weight of dollars and euros in the currency. Currently, about three-quarters of the SNB’s foreign currency reserves are in dollar and euro-denominated assets. Bennaim stated, “Bitcoin is an alternative to the dollar and euro, an internationally neutral asset like Switzerland.”
This is not investment advice.
