A recently launched initiative calls for the Swiss National Bank (SNB) to allocate part of its currency reserves to Bitcoin. While the idea excites many in the crypto community, it faces skepticism from political circles.
Bitcoin as Part of Currency Reserves
The initiative, spearheaded by Swiss internet pioneer Yves Bennaïm and a group of crypto advocates, aims to position Bitcoin as a key reserve asset. The proposal is inspired by U.S. President-elect Donald Trump’s plan to establish a strategic Bitcoin reserve for the United States.
So far, the SNB has resisted Bitcoin investments. In 2022, SNB Director Thomas Jordan stated that Bitcoin does not meet the safety requirements for a currency reserve. “Bitcoin is a speculative asset, not a stable foundation for reserves,” Jordan explained.
Advocates Highlight Bitcoin’s Potential
Luzius Meisser, a board member of Bitcoin Suisse and part of the initiative committee, argues that Bitcoin could reduce Switzerland’s reliance on the European Central Bank. “The SNB holds significant euro reserves, which creates political dependency,” Meisser noted.
The committee has until June 30, 2026, to gather the necessary signatures to move the initiative forward. The organizers believe Bitcoin investments could benefit both the SNB and Switzerland as a whole. Bennaïm dismissed claims that the initiative is aimed at boosting Bitcoin’s price. “The price increases due to growing demand and limited supply, not because of this initiative,” he clarified.
Political and Party Skepticism
Despite rising acceptance of cryptocurrencies, many politicians remain cautious. Benjamin Fischer, an SVP National Council member and advocate for the crypto industry, supports the idea of a Bitcoin reserve but opposes forcing the SNB to adopt it. “The National Bank must remain independent and make its own decisions,” Fischer emphasized.
The initiative has sparked mixed reactions and could lead to significant debates in the coming years. Whether the public will support the idea remains uncertain. The question of whether Bitcoin should be part of the SNB’s reserves may have a lasting impact on Swiss financial policy.