Swiss central bank urges adding Bitcoin to balance sheet
A group of Bitcoin supporters in Switzerland have launched a campaign to persuade the Swiss National Bank (SNB) to add Bitcoin to its balance sheet.
Nonprofit group 2B4CH aims to hold a referendum to amend the Swiss constitution to require the central bank to hold bitcoin.
BREAKING NEWS: 🇨đź‡Bitcoiners start petition to Swiss National Bank to buy. #Bitcoin
Gradually and then suddenly 🙌 pic.twitter.com/8AkF8YrP86
— Bitcoin Magazine (@BitcoinMagazine) April 22, 2024
According to the founder and chairman of 2B4CH: Eve BenaimThis move will help Switzerland maintain its political neutrality and sovereignty in an uncertain global environment.
“We are in the process of completing the organizational preparations for the committee and preparing the documents that need to be submitted to the Prime Minister’s Office to start the process,” Bennaïm said.
To hold a referendum under Switzerland’s system of direct democracy, advocates must collect 100,000 signatures from Swiss citizens within 18 months. Switzerland has a population of approximately 8.77 million, which would require approximately 1.15% of the population to sign the petition. This signature requirement caused problems when 2B4CH attempted a similar referendum in 2021.
Lucius Mycer, president of Bitcoin trading platform Bitcoin Suisse, supports the new campaign. “By including Bitcoin in its reserves, Switzerland will be declaring its independence from the European Central Bank,” Meisser said. “This step will strengthen our neutrality.”
Meisser believes that adopting Bitcoin could generate billions of dollars for Switzerland. He previously advised the SNB to allocate more than $1 billion per month to BTC instead of German bonds. However, SNB Chairman Thomas Jordan has so far opposed Bitcoin, saying it does not meet reserve requirements.
The campaign has garnered support from Bitcoin advocates around the world, including German politicians. Joana Cotard. “Now a popular plan has emerged to require national banks to purchase Bitcoin,” she said on Twitter.
If successful, Switzerland could become the first Western country to have Bitcoin reserves. This reflects El Salvador’s groundbreaking adoption of BTC as a statutory tender in 2021. Supporters argue that Bitcoin integration would diversify the SNB’s assets and signal Switzerland’s commitment to financial innovation.
