Thomas Daniels
In a strategic revival of efforts to bolster Switzerland’s financial independence, a cohort of Swiss Bitcoin advocates, led by Yves Bennaïm of the non-profit think tank 2B4CH, has initiated a renewed campaign. This movement aims to persuade the Swiss National Bank to adopt Bitcoin (BTC) into its reserves via a constitutional referendum, citing the enhancement of Switzerland’s sovereignty and neutrality amid rising global instability.
Yves Bennaïm, while addressing Neue Zürcher Zeitung on April 20, disclosed the final stages of preparations, which include the organizational setup and drafting of the necessary documents. These documents are slated for submission to the State Chancellery, marking the commencement of the referendum process. The campaign must gather 100,000 signatures from Swiss citizens within an 18-month window to meet the referendum’s criteria, a challenge that previously stymied their initial efforts in October 2021.
The advocates aim to embed Bitcoin as a reserve currency within Article 99-3 of the Swiss Federal Constitution. With Switzerland’s population at 8.77 million, this signifies that approximately 1.15% of the populace needs to endorse the petition for it to proceed.
Luzius Meisser, head of the Bitcoin-centric trading platform Bitcoin Suisse and a collaborator with Bennaïm, argues that incorporating Bitcoin would underscore Switzerland’s financial autonomy from the European Central Bank and fortify its stance of neutrality. Meisser is scheduled to present the benefits of this inclusion to the Swiss National Bank on April 26, where he will be granted three minutes to present his case.
His earlier proposition in March 2022, which suggested the bank should purchase $1.1 billion in Bitcoin monthly instead of German government bonds, was rebuffed by Thomas Jordan, Chair of the Swiss National Bank. Jordan remarked in April 2022 that Bitcoin did not satisfy the criteria necessary for a reserve currency. However, Meisser contends that had the bank adopted his recommendation, it would now benefit from an additional $32.9 billion. He also warned that delays could lead to escalated acquisition costs, as other central banks might initiate Bitcoin purchases.
The initiative garners further optimism with recent developments like the approval of Bitcoin spot exchange-traded funds in the U.S. and Hong Kong, as noted by Leon Curti, head of research at Digital Asset Solutions. Additionally, international support comes from figures such as Joana Cotar, a German politician and Bitcoin activist, who critiques the European Union-backed digital currency.
This initiative complements Switzerland’s burgeoning role as a pivotal hub for blockchain and crypto innovation, underscored by the significant expansion of Crypto Valley, a leading blockchain and web3 center. In 2023, the valuation of the top 50 entities in Crypto Valley soared to $382.93 billion, featuring prominent organizations such as the Cardano Foundation, Ethereum Foundation, Nexo, and Metaco, a custody solution owned by Ripple. Furthermore, the city of Lugano announced in December its plan to accept Bitcoin and other cryptocurrencies for tax payments, reinforcing the nation’s progressive stance on digital currencies.
