A group of Bitcoin enthusiasts based in Switzerland are making another attempt to persuade the Swiss National Bank to incorporate Bitcoin into its reserves. Their plan involves holding a referendum to amend the country’s constitution, but they must gather over 100,000 signatures from Swiss citizens before the petition can proceed. Yves Bennaïm, the founder and chairman of the nonprofit think tank 2B4CH, which is spearheading this effort, believes that adding Bitcoin to the central bank’s reserves would safeguard Switzerland’s “sovereignty and neutrality” in an increasingly uncertain global landscape. Bennaïm stated in an interview with Swiss news outlet Neue Zürcher Zeitung (NZZ) on April 20 that they are currently finalizing the organizational preparations for the committee and compiling the necessary documents to submit to the State Chancellery to start the process. However, gathering the required signatures within 18 months has proven to be a challenge, as their previous attempt in October 2021 fell short of the threshold. In their initial campaign, titled the “Bitcoin Initiative,” 2B4CH aimed to include Bitcoin as a reserve currency in Article 99-3 of the Swiss Federal Constitution. With a population of 8.77 million, approximately 1.15% of Swiss locals need to sign the petition. Luzius Meisser, the president of Bitcoin-focused trading platform Bitcoin Suisse, who is supporting Bennaïm with the initiative, believes that including Bitcoin in the central bank’s balance sheet would demonstrate Switzerland’s independence from the European Central Bank and strengthen its neutrality. Meisser will have an opportunity to present the benefits of incorporating Bitcoin to the Swiss National Bank in a meeting scheduled for April 26. He will have three minutes to make his case. Meisser previously proposed that the central bank purchase 1 billion Swiss francs ($1.1 billion) worth of Bitcoin each month as an alternative to German government bonds in March 2022. However, Swiss National Bank Chair Thomas Jordan reportedly stated in April 2022 that Bitcoin did not meet the requirements to be added as a reserve currency. Meisser now claims that if the central bank had followed his suggestion in 2022, Switzerland would be 30 billion Swiss francs ($32.9 billion) wealthier. He also warns that delaying the decision may result in other central banks seizing the opportunity to acquire Bitcoin at significantly higher prices, leaving Switzerland at a disadvantage. On the other hand, Leon Curti, the head of research at asset manager Digital Asset Solutions, remains hopeful that the recent approvals of spot Bitcoin exchange-traded funds in the United States and Hong Kong will influence the Swiss National Bank to invest in Bitcoin. The NZZ article received a positive response from Joana Cotar, a German politician and Bitcoin activist who vehemently opposes a European Union-backed digital currency. Cointelegraph reached out to 2B4CH for comment but did not receive an immediate response.
Swiss Bitcoin enthusiasts persist in their endeavors to orange-pill the nation’s central bank.