This groundbreaking initiative, officially registered in the Federal Gazette on December 31, 2024, seeks to position Switzerland at the forefront of global Bitcoin adoption.

The Proposal and Its Architects

The initiative, titled “For a financially sound, sovereign, and responsible Switzerland,” was spearheaded by Giw Zanganeh, Tether’s Vice President of Energy and Mining, alongside Yves Bennaïm, founder of the Swiss Bitcoin nonprofit think tank 2B4CH. Eight additional Bitcoin advocates collaborated on the proposal, which requires 100,000 signatures by June 30, 2026, to trigger a national referendum. This threshold represents roughly 1.12% of Switzerland’s population of 8.92 million.

Source: Bitcoin Initiative via X

If successful, the proposed amendment would revise Article 99 Paragraph 3 of the Swiss Federal Constitution to state: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”

Building Momentum for Bitcoin in Switzerland

This initiative follows years of preparation and an earlier attempt by 2B4CH in 2021, which was postponed due to limited public and institutional support. Bennaïm noted that the current environment is more conducive to such a proposal, stating, “We were waiting for the right timing. Now, everything is falling into place.”

The southern city of Lugano has embraced the cryptocurrency by hosting annual “Plan ₿” conference events and allowing the digital asset as a means of paying for taxes. According to BTCMaps, about 260 merchants in Lugano accept Bitcoin—a number indicative of growing adoption of the cryptocurrency.

Challenges and Skepticism

While Bitcoin is increasingly being adopted, skepticism remains. SNB Chairman Martin Schlegel also came out skeptical over the high energy consumption of Bitcoin and volatility. Switzerland’s Financial Market Supervisory Authority has flagged the possible risk of money laundering associated with cryptocurrencies as well.

Swiss National Bank (SNB) Chairman Martin Schlegel. Source: Wikipedia

However, proponents suggest that adding Bitcoin to national reserves will give Switzerland further financial sovereignty and resilience. Bennaïm emphasized that the initiative is about fostering a “financially sound” Switzerland.

A Global Trend Toward Bitcoin Reserves

Switzerland’s proposal aligns with a broader global trend of governments and institutions exploring Bitcoin reserves. In the United States, a bill championed by Senator Cynthia Lummis proposes holding Bitcoin within the Treasury. States such as Texas and Pennsylvania have introduced legislation to include Bitcoin in their treasury reserves.

Beyond governments, corporations like MicroStrategy and MARA Holdings have significantly increased their Bitcoin holdings, signaling growing institutional confidence in the asset.

Looking Ahead

As the initiative gathers momentum, its success will depend on grassroots support and public education. Zanganeh has called for the cryptocurrency community’s backing to meet the signature threshold, saying, “We will need the full support of our community to gather 100k signatures and make this a national referendum.”

If Switzerland adopts Bitcoin as part of its national reserves, it could set a precedent for other countries, potentially accelerating Bitcoin’s role in global financial systems.