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A non-profit in Switzerland is pushing for the country’s central bank, Swiss National Bank (SNB), to hold Bitcoin reserves following the success of similar initiatives by President Bukele in El Salvador.
While Hong Kong has grabbed headlines with its recent approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs), a determined group in Switzerland is pushing for an even bolder move – demanding the Swiss National Bank (SNB), the country’s central bank, hold Bitcoin.
Though ground-breaking if it goes through, the audacious proposal, spearheaded by the non-profit 2B4CH, hinges on a public referendum.
Therefore, to trigger the vote permitting the SNB to hold the world’s most valuable coin, they must collect over 100,000 signatures from Swiss citizens within 18 months. 2B4CH failed in their first campaign back in 2021.
The Question Is: Why Does Swiss Central Bank Need Bitcoin?
Leaders of the advocacy group 2B4CH are bullish on BTC.
Its executives believe that SNB holding the world’s most valuable coin would bolster the country’s “sovereignty and neutrality” in an unpredictable global landscape.
Luzius Meisser, president of Bitcoin Suisse, has complemented this position. The banker argues that integrating BTC into the country’s diverse reserves would demonstrate its independence from the European Central Bank (ECB), strengthening Geneva and Switzerland as a neutral financial center.
For now, only crypto and Bitcoin supporters will watch on the sidelines as the non-profit organizes the team and prepares to submit documents to the State Chancellery before the referendum.
In April 2022, the SNB expressed reservations about BTC’s suitability as a reserve currency similar to the USD and the Euro.
The chair, Thomas Jordan, said that Bitcoin, despite its adoption and endorsement from another sovereign state, El Salvador, doesn’t meet its requirements as a reserve currency.
The Bottom Line: Bitcoin Changing Tides in Mainstream?
So far, 2024 has been a big year for the top coin, the United States Securities and Exchange Commission (SEC) has approved spot Bitcoin ETFs, which is a huge boost. The Hong Kong Securities and Futures Commission (SFC) followed suit in April.
All these endorsements of Bitcoin signal that traditional finance players like BlackRock want these products to meet the growing demand from investors.
If the SNB embraces Bitcoin as a reserve currency, it would undoubtedly send shockwaves across the globe, potentially eclipsing Hong Kong‘s ambitions to become a global crypto hub.
For this reason, even for the neutrals, the upcoming referendum on whether the SNB should include BTC in its reserve is of monumental importance.
If just 1.5% of all Swiss citizens see the importance of adding BTC, it would reshape the country’s financial landscape and redefine the global crypto scene.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
