Campaigners are urging the Swiss National Bank to include bitcoin in its reserves, advocating for a constitutional mandate. They argue that diversification is critical amid global economic instability. However, the SNB remains cautious due to concerns over volatility and security. Supporters maintain that bitcoin’s reliability and growing market stability warrant a small investment allocation from the bank’s significant reserves.
Cryptocurrency advocates are ramping up their efforts for the Swiss National Bank (SNB) to consider holding bitcoin as part of its reserves. They argue that ongoing global economic volatility, particularly following U.S. President Donald Trump’s tariffs, enhances the need for the SNB to diversify. A referendum campaign initiated in December aims to amend the Swiss constitution, mandating the SNB to include bitcoin alongside traditional assets like gold.
Campaign leader Luzius Meisser, who also serves on the Bitcoin Suisse board, emphasised that as global dynamics change and currencies like the dollar and euro lose strength, it’s logical for the central bank to adapt. He articulated that investing in bitcoin could insulate the SNB from the fluctuating political influences that impact traditional currency valuations, a vast majority of which are dollar or euro denominated. He also plans to address this issue at the SNB’s annual meeting scheduled for Friday in Bern.
Meisser has voiced concerns about how politicians often resort to printing money to fund their initiatives, potentially debasing currency values. He argues that, unlike traditional currencies, bitcoin is not subject to inflation from government deficits. Switzerland is already seen as a leader in blockchain and cryptocurrency innovation, housing significant projects like Ethereum in “Crypto Valley” located in Zug.
Research from the Lucerne University of Applied Sciences reveals that about 11% of the Swiss population has ventured into crypto investments. However, the SNB remains cautious, pointing to extreme price volatility, liquidity issues, and potential security threats as reasons for their hesitance to acquire bitcoin. SNB Chairman Martin Schlegel expressed skepticism earlier this year, likening cryptocurrencies to software that could contain unforeseen flaws.
On the other hand, Yves Bennaim, a prominent figure behind the Bitcoin Initiative, defends the reliability of the underlying technology. He insists bitcoin represents one of the most secure information technologies crafted to date and continues to evolve positively. Despite their investments in bitcoin, he and Meisser clarified that their advocacy doesn’t stem from personal financial gain.
With bitcoin’s market cap nearing $2 trillion, Bennaim notes it remains the most liquid and stable option among digital assets, with billions traded daily. “We’re not pushing for an all-in situation with bitcoin, but when the SNB has close to 1 trillion francs in reserves, allocating 1-2% to a rising asset could be a sensible move,” he stated, highlighting bitcoin’s increasing desirability and stability in value.
