A constitutional campaign in Switzerland aiming to add Bitcoin (BTC) to the Swiss National Bank’s official reserves has come to an end after organizers failed to gather the required number of signatures. Known as the “Bitcoin Initiative,” the movement had sought to amend Article 99 of the Swiss Constitution so that the central bank would hold Bitcoin alongside gold in its reserves.
Campaign fails to reach referendum
Under Switzerland’s direct democracy system, national referendums can only take place if campaigners collect 100,000 valid signatures within 18 months. With only weeks left until the deadline, organizers managed to collect roughly 50,000 signatures—barely half the necessary amount. As a result, the proposal will not proceed to a national vote.
Yves Bennaïm, founder of the initiative, stated that they would allow the campaign to expire rather than staging a last-minute effort. He acknowledged that technical complexities and limited resources made the process challenging from the start.
Swiss National Bank maintains its distance from Bitcoin
The Swiss National Bank (SNB) has consistently opposed including Bitcoin in its official reserves. Earlier in April, SNB president Martin Schlegel emphasized that cryptocurrencies do not yet meet the institution’s strict criteria for reserve assets.
The central bank’s current strategy focuses on liquidity, preservation of value, and flexibility in monetary policy. Its balance sheet comprises gold, foreign exchange, IMF drawing rights, and international payment instruments.
Representatives from the SNB have argued that Bitcoin’s volatility and liquidity profile are incompatible with their existing reserve standards.
Public opinion and the role of the crypto sector
Advocates for Bitcoin argued that its fixed supply, global transaction volume, and independence from governments could enhance financial sovereignty. They proposed that allocating even a small share—such as 1-2%—of reserves to Bitcoin would help diversify the central bank’s portfolio.
Despite Switzerland’s role as a leading European crypto hub, the broader public did not appear receptive to changing the national reserve policy. Management of central bank reserves is grounded in public trust, monetary stability, and a solid legal framework.
While the Bitcoin Initiative gained some visibility among crypto enthusiasts and policy watchers, it failed to secure the widespread support needed for a nationwide referendum, leaving the SNB’s reserve policy unchanged.
Global reserve policies show parallels
The downfall of Switzerland’s initiative reflects similar debates happening worldwide. Various central banks and governments, despite the growing prominence of digital assets, have either rejected or postponed proposals to add cryptocurrencies to their reserves. In 2025, the United Kingdom officially turned down a proposal to hold Bitcoin in central reserves, while South Korea and Japan also announced their decisions not to include Bitcoin as a reserve asset.
Both the European Central Bank and Germany continue to take a cautious stance on crypto reserves; notably, in 2024, Germany sold its substantial Bitcoin holdings and decided not to retain any in its reserves.
Nonetheless, several countries are conducting limited operational trials with digital assets. For example, the Czech National Bank has initiated small purchases of crypto and blockchain-based assets. In the United States, ongoing discussions focus on a Bitcoin reserve law and accompanying legal framework, with advocates highlighting Bitcoin’s potential future role as a national asset.
