A new proposal in Switzerland aims to change the Constitution, requiring the Swiss National Bank to hold Bitcoin as part of its monetary reserves, alongside gold. This initiative, led by the think tank 2B4CH and Tether’s Giw Zanganeh, needs 100,000 signatures by June 30, 2026, to move forward. It follows a previous attempt in 2021 to advocate for state-level Bitcoin holdings, reflecting rising global interest in cryptocurrency. Despite this push, Swiss National Bank Chair Martin Schlegel has expressed concerns about Bitcoin’s environmental impact and practicality as a payment method. The campaign must gain widespread support within the next 18 months to succeed.
Swiss Proposal Seeks To Mandate Bitcoin Holdings by National Bank
A new proposal in Switzerland aims to amend the Swiss Federal Constitution, requiring the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves. This ambitious initiative, driven by the nonprofit think tank 2B4CH, led by Yves Bennaïm and Tether’s vice president, Giw Zanganeh, was launched on December 31, 2023. Supporters have until June 30, 2026, to gather 100,000 signatures to push for this change.
The proposed amendment focuses on Article 99, Paragraph 3 of the Swiss Constitution, suggesting that the SNB should maintain reserves that include both gold and Bitcoin. This effort comes after a similar proposal was rejected in October 2021, reflecting a growing interest in state-level Bitcoin holdings as the cryptocurrency gains traction globally.
Despite the enthusiasm, the SNB’s Chair, Martin Schlegel, has expressed concerns about Bitcoin’s environmental impact and its practicality as a payment method. Nonetheless, areas like Lugano have seen a rise in Bitcoin acceptance, with approximately 260 local merchants already accepting the cryptocurrency.
As discussions around Bitcoin adoption heat up worldwide, including interest from countries like Brazil and Poland, this campaign represents a critical moment for Bitcoin supporters in Switzerland. They will need to rally significant public support over the next 18 months to make this proposal a reality.
Keywords: Bitcoin, Swiss National Bank, Switzerland, cryptocurrency
Secondary keywords: Bitcoin holdings, monetary reserves, constitutional amendment
What is the Swiss proposal about Bitcoin holdings?
The Swiss proposal suggests that the national bank should hold some of its assets in Bitcoin. This means the bank would buy and keep Bitcoin as part of its reserves.
Why is this proposal important?
This proposal is important because it could show a big shift in how countries view Bitcoin. If Switzerland’s national bank holds Bitcoin, it might encourage other countries to consider it too.
How would this affect the value of Bitcoin?
If the Swiss national bank buys Bitcoin, it could increase demand for it. More demand usually leads to a higher price, which could be good for Bitcoin investors.
Are there risks involved in holding Bitcoin?
Yes, there are risks. Bitcoin prices can be very volatile, meaning they can go up and down a lot. This could impact the national bank’s finances if they choose to invest in Bitcoin.
What do people think about this proposal?
Opinions are mixed. Some people believe it’s a smart move that shows a forward-thinking approach, while others worry about the risks and stability of Bitcoin.
