Swiss Referendum to Mandate Bitcoin Reserves Challenges Financial Norms
Switzerland could see Bitcoin become part of its national bank reserves if a proposed referendum led by local advocates gains traction.
April 22, 2024
Swiss Bitcoin Referendum
A Swiss Bitcoin enthusiast coalition, led by Yves Bennaîm, has launched a campaign to prompt a constitutional referendum. This initiative proposes that the Swiss National Bank (SNB) hold Bitcoin as part of its currency reserves. Advocates such as Luzius Meisser of Bitcoin Suisse are pushing for this change, arguing for Bitcoin's inflation resistance and symbolic financial independence from other central banks.
Industry and Academic Insight
Industry leaders and academics have weighed in on the debate, with some like Leon Curti noting the increasing global market integration of Bitcoin and academic support from Professor Gunther Schnabl. However, opposition remains due to Bitcoin's volatility and regulatory challenges. The move reflects Switzerland's democratic system, allowing such referendums driven by citizen support.
Financial Implications for Switzerland
The suggested change could significantly increase Switzerland's reserves if past Bitcoin performance is considered. Luzius Meisser speculates that early Bitcoin purchases could have greatly enriched the country's reserves. The upcoming SNB Annual General Meeting will be decisive in shaping Switzerland's stance on this innovative financial proposition.
Subscribe to get the latest Crypto Updates
Sign up to receive regular updates packed with exciting news and exclusive insights into upcoming crypto projects.