Bitcoin advocates in Switzerland are attempting to persuade the Swiss National Bank (SNB) to include Bitcoin among its reserve assets. Some Bitcoin supporters have initiated a referendum process aiming to amend Switzerland’s constitution slightly, allowing for Bitcoin to be added alongside gold as part of the national reserves.
Bitcoin in Swiss National Reserves
Based on an article in Neue Zürcher Zeitung (NZZ), a local news source, the Swiss constitution specifies that the Swiss National Bank amasses currency reserves from its earnings and keeps a portion of it in gold. However, a non-profit organization called 2B4CH is advocating for a change to this constitutional provision, proposing instead “Gold and Bitcoin.”
2B4CH founder and chairman Yves Bennaïm said the organization is already hard at work:
“We’re currently finalizing the arrangements for the committee and drafting the necessary papers for submission to the State Chancellery to initiate the procedure.”
In order to accomplish any degree of success, it is necessary for 2B4CH to gather at least 100,000 signatures from citizens within the timeframe of 18 months prior to the scheduled referendum.
The think tank, 2B4CH, has previously tried to persuade the Swiss National Bank (SNB) to keep Bitcoin reserves. In 2021, they initiated this effort by starting a discussion on X (previously Twitter), aiming to alter Article 99 Clause 3 of the Federal Constitution. During that time, they expressed their skepticism about getting the law passed but hoped for 100,000 signatures to ignite public debate and conversation.
Switzerland Would Have Been $32 Billion Richer
Luzius Meisser, the head of Bitcoin trading platform Bitcoin Suisse, proposes that Switzerland make a decision which could enable the country to function separately from the European Central Bank (ECB). Meisser is collaborating with Bennaïm on this matter and will present their case during a SNB meeting on April 26, allotted a timeframe of 3 minutes.
The NZZ report states that Meisser previously asked the SNB to buy 1 billion Swiss francs a month at the 2022 general meeting. According to him, Switzerland would be richer by $32.9 billion (30 billion Swiss francs) if it had taken Meisser’s advice. The Bitcoin Suisse President is now saying that delaying this move would be detrimental to Switzerland. According to him, other central banks will set their eyes on Bitcoin and buy the asset. This will force Switzerland to eventually buy Bitcoin at much higher prices.
Bennaïm and Meisser are making substantial strides in increasing Bitcoin awareness and exploring its possibilities. Although their present effort might not succeed this time, their continued efforts, such as Meisser’s forthcoming SNB speech, will maintain the discussion around Bitcoin for an extended period.
In 2022, SNB Chairman Thomas Jordan expressed during the organization’s meeting that “we don’t consider Bitcoin suitable for central bank reserves at this time. Consequently, we haven’t included it in our holdings up until now.” However, “purchasing Bitcoin is not an issue for us,” he added. “We can acquire it either directly or through investments tied to Bitcoin.”
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2024-04-22 14:06