Swiss campaigners have decided to discontinue their efforts to get the Swiss National Bank (SNB) to include bitcoin in its reserves. After an 18-month gathering period, the campaign managed to collect only about half of the necessary 100,000 signatures required to trigger a national referendum.
The initiative aimed to amend the Swiss constitution to mandate that the SNB hold bitcoin alongside its existing reserves of gold and foreign currencies. As part of the proposal, the text did not specify the exact proportions that should be held in these assets, which would have fundamentally altered the structure of the SNB’s asset holdings.
Advocates for the change positioned bitcoin as a neutral reserve asset, arguing that it could serve as a safeguard against the risks of holding assets in dollars and euros—currencies that comprise approximately three-quarters of the SNB’s foreign-currency reserves. Supporters emphasized the potential benefits of diversifying the bank’s reserves to include cryptocurrencies like bitcoin.
However, the SNB had previously rejected the notion of including bitcoin in its reserves. Concerns over the cryptocurrency’s liquidity and notorious volatility were cited as primary reasons for the bank’s decision. The dismissal of the proposal last year reflected the central bank’s cautious stance on emerging financial technologies and digital assets.
With the latest developments, it remains uncertain whether any future initiatives will seek to revisit the integration of bitcoin into the Swiss monetary framework. The campaign’s discontinuation signals a setback for advocates of cryptocurrency within the traditional finance structures of the country.
