On December 31, 2024, the Federal Chancellery of Switzerland officially added the 'Bitcoin Initiative' to its registry, aiming to include Bitcoin in the reserves of the Swiss National Bank through a constitutional amendment. This proposal not only reflects Switzerland's spirit of innovation in the global financial market but also signifies the potential status of Bitcoin as a legal currency. According to the initiative, the Swiss National Bank (SNB) will be required to include Bitcoin in its currency reserves alongside gold. This initiative will amend Article 99(3) of the Swiss Federal Constitution to add the following clause: 'The national bank has established sufficient currency reserves from its own income; a portion of these reserves consists of gold and Bitcoin.'
This historic initiative was proposed by the Swiss Cryptocurrency Advocates Alliance, with key figures including Giw Zanganeh, Vice President of Energy and Mining at Tether, and Yves Bennaïm, founder of the non-profit organization 2B4CH. To advance this proposal, the advocacy group needs to collect 100,000 valid signatures within the next 18 months (by June 30, 2026). Based on Switzerland's population of approximately 8.9 million, this goal requires about 1.12% citizen support. If successful, the proposal will be submitted to the Swiss Federal Assembly for review.
In fact, similar proposals were made in 2021 but failed due to a lack of broad public and institutional support. At that time, the idea of a national strategy for holding Bitcoin was still in its infancy. However, today the concept of a national strategy for Bitcoin has gained immense popularity, and this time the preparatory work is more systematic. Advocates have been organizing and preparing documentation for this initiative since April 2024, significantly increasing the chances of success.
However, the success of this proposal will depend on whether the advocates can effectively organize the community and encourage more citizens to participate in supporting it. To this end, one of the main organizers, Giw Zanganeh, has called for full community support on social media to collect the necessary signatures within the specified time. He pointed out that the success of the proposal is not only related to the status of Bitcoin but also to the future financial strategy of Switzerland.
Switzerland has long been considered one of the cryptocurrency-friendly countries, with over 1,200 blockchain companies operating within its borders, alongside the renowned 'Crypto Valley'—a blockchain hub located in Zug. This region is home to a large number of cryptocurrency and blockchain-related businesses, including 13 unicorn companies valued at over 1 billion USD.
Moreover, the city of Lugano in Switzerland is at the forefront of Bitcoin adoption. Starting in December 2023, the city began accepting Bitcoin for tax payments and hosts the annual 'Plan ₿' Bitcoin conference, attracting crypto enthusiasts from around the world.
Although the Swiss National Bank remains cautious about Bitcoin, viewing it as a 'niche phenomenon' and noting its volatility, energy consumption, and risks associated with illegal activities, this has not hindered the widespread acceptance and application of Bitcoin in Switzerland. Through this initiative to include Bitcoin in national reserves, supporters hope to further consolidate Switzerland's financial independence and strengthen its neutral stance.
Furthermore, if Switzerland successfully includes Bitcoin in its national reserves, it could bring significant economic benefits to the country. According to Luzius Meisser, a board member of BitcoinSuisse, if the Swiss National Bank starts purchasing Bitcoin worth 1 billion Swiss francs monthly from 2022, Switzerland's wealth could increase by approximately 30 billion Swiss francs (about 3.29 billion USD). This potential financial benefit makes the proposal more attractive.
Meanwhile, in addition to Switzerland, lawmakers in Hong Kong have recently advocated for Bitcoin to be included as a national reserve to enhance economic competitiveness. This phenomenon indicates that an increasing number of countries and regions are beginning to recognize Bitcoin's potential as a financial asset, especially against the backdrop of rising global economic uncertainty. The potential economic and social impacts of Bitcoin will become more pronounced, and the future financial landscape may undergo profound changes due to the legalization of Bitcoin.
In conclusion, the future of Bitcoin remains filled with uncertainty, but this initiative from Switzerland undoubtedly offers new perspectives and opportunities for the legalization and acceptance of cryptocurrency globally. As time goes on, we will watch closely for the progress of this proposal and its profound impact on Switzerland and the global financial system.
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