Campaigners Push for Bitcoin Inclusion in Swiss National Bank Reserves
Cryptocurrency supporters in Switzerland are intensifying their campaign to persuade the Swiss National Bank (SNB) to invest in bitcoin, arguing that the current global economic uncertainty makes diversification crucial.
The campaign, which began in December with a referendum to amend the Swiss constitution, aims to mandate the SNB to hold bitcoin alongside gold in its reserves. Luzius Meisser, a board member of cryptocurrency broker Bitcoin Suisse, stated that holding bitcoin is becoming increasingly sensible as the world moves towards a multipolar economic order, with the US dollar and euro potentially weakening.
Meisser, who is set to address the SNB’s annual general meeting in Bern, argued that investing in bitcoin would shield the SNB from political pressures influencing the value of its foreign currency holdings, which are predominantly in dollars and euros. “Politicians often succumb to the temptation of printing money to fund their initiatives, but bitcoin is a currency that cannot be inflated through deficit spending,” he explained.
Switzerland has established itself as a hub for blockchain and cryptocurrency innovation, with notable projects such as Ethereum originating in the town of Zug, known as “Crypto Valley.” According to a study by the Lucerne University of Applied Sciences and Arts, 11% of the Swiss population has invested in crypto assets.
Despite this growing interest, the SNB remains skeptical due to concerns over price volatility, liquidity, and security risks. SNB Chairman Martin Schlegel compared cryptocurrencies to software, highlighting potential vulnerabilities. However, Yves Bennaim of the Bitcoin Initiative countered that the technology behind bitcoin is one of the most reliable and secure IT systems ever developed.
Bennaim and Meisser emphasized that their advocacy is not driven by personal investment interests. They argue that with a market capitalization of nearly $2 trillion, the global bitcoin market is the most liquid and stable among digital assets. “We’re not suggesting that the SNB should invest heavily in bitcoin, but with nearly 1 trillion francs in reserves, it makes sense to allocate 1–2% to an asset that is increasing in value and becoming more secure,” Bennaim said.
