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Swiss bid collapses
A campaign to require the Swiss National Bank to hold bitcoin in its reserves is set to lapse after organizers failed to collect enough signatures to trigger a national referendum.
“set to lapse after failing to collect enough signatures to trigger a national referendum”
The Bitcoin Initiative sought to amend Switzerland’s constitution so the central bank would hold bitcoin alongside gold and foreign currency reserves, and Swiss authorities gave campaigners 18 months to gather 100,000 signatures.
Campaign founder Yves Bennaim told Reuters, “We knew from the beginning that it was a long shot,” and said, “For now, we are going to let the initiative lapse.”
FinanceFeeds reported organizers had collected only about half the required number with a few weeks remaining, leaving the proposal without a vote.
SNB rejects crypto
The Swiss National Bank has opposed adding cryptocurrencies to its reserves, citing volatility, liquidity concerns, and reserve management standards.
The SNB said, “Cryptocurrencies do not meet the SNB’s currency reserve requirements,” and it also argued its balance sheet must be able to expand or shrink as needed while reserve assets preserve value.
FinanceFeeds said the SNB declined to comment on the campaign’s failure, while other central banks have taken different approaches, including the Czech National Bank buying $1 million of cryptocurrency and other blockchain-based digital assets to gain experience.
The campaign’s backers argued bitcoin could diversify Switzerland’s reserves away from dollar- and euro-denominated assets, which account for about three-quarters of the SNB’s foreign currency holdings, and Bennaim said bitcoin was “an alternative to the dollar or the euro, and is internationally neutral, like Switzerland.”
What happens next
With the signature threshold unmet, the Bitcoin Initiative will not move to a national vote, and the SNB’s reserve framework remains unchanged.
“The argument did not gain enough public support to force a vote.”
FinanceFeeds framed the episode as showing the gap between bitcoin’s growing use as a treasury asset among companies and the higher threshold for central bank adoption.
The Reuters-linked reporting said the initiative had helped advance debate over bitcoin’s place in global finance, even as the campaign itself was allowed to lapse.
The broader policy debate continues as central banks weigh whether reserve assets should remain “liquid, secure and safe,” with the European Central Bank described as skeptical and the Czech National Bank cited for limited experimentation.
