David Edwards
Crypto supporter Dennis Porter claims that Swiss politician Samuel Kullmann has announced a daring plan to include Bitcoin in the country’s constitution. In order to enable a vote on the plan, this endeavor would include starting a referendum in order to collect 100,000 signatures in 18 months.
“Even collecting the 100,000 signatures within the 18 months will be a huge victory for Bitcoin,” Porter stated on X, highlighting the potential to educate Swiss cantonal lawmakers on the cryptocurrency.
A Long-Term Project with Possible Effects
Dennis Porter, the CEO of Satoshi Act Fund, participated in a discussion where Kullmann’s proposal—which has advanced to the Swiss federal government assessment stage—was discussed.
“It will be a lot of work and I know it’s a long-shot, but we need to be taking shots at the end zone now when we have the momentum,” Kullmann said.
The proposal coincides with a separate plan being considered by the Swiss Federal Chancellery to require the Swiss National Bank (SNB) to incorporate Bitcoin in its monetary reserves.
Resistance to Bitcoin by the Swiss National Bank
In April 2024, SNB Chairman Thomas Jordan voiced doubts about Bitcoin’s longevity and liquidity despite the cryptocurrency’s growing support.
“We have not yet decided that we want to invest in Bitcoin. Actually, for good reasons,” Jordan stated.
He underlined that in order to facilitate international transfers, currency reserves need to be sustainable and liquid.
However, efforts to include Bitcoin into the Swiss monetary system have been rekindled by the cryptocurrency’s recent price spike, which has been fueled by worldwide events. After years of preparation by Swiss Bitcoin proponents, a formal petition to include Bitcoin in reserves was submitted on December 5.
Adoption of Bitcoin Developing in Switzerland
With Lugano at the forefront, Switzerland has been a leader in the adoption of cryptocurrencies. The incorporation of cryptocurrency into regular financial operations is further encouraged by the fact that Lugano currently accepts Bitcoin from about 260 retailers and permits tax payments in both BTC and Tether (USDT).
If Kullmann’s plan is successful, it might establish a standard for incorporating Bitcoin into national governance, which could change how cryptocurrencies function in the international financial system.
