The Swiss Federal Chancellery, the key personnel organization for the Swiss government, has green lighted the “Bitcoin Initiative”, a new proposal to adopt Bitcoin as part of the Swiss National Bank’s (SNB) reserve assets, alongside traditional gold holdings.
The proposal has now been approved for public discussion, paving the way for a national referendum if it gathers enough support.
The initiative, led by Yves Bennaïm and supported by influential figures in the cryptocurrency space, seeks to amend Article 99 of the Swiss Constitution, which mandates that the SNB assign part of its reserves to Bitcoin.
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The aim of the proposed amendment is to improve Switzerland financial stability and sovereignty, especially with the growing interest in cryptocurrencies around the world. Proponents believe that Bitcoin’s decentralized nature and deflationary characteristics provide a hedge against inflation and currency fluctuations.
With the confirmation of the Federal Chancellery, the initiative has met all the necessary document requirements and can now move forward in the process of becoming a potential law.
The initiative now goes to the Federal Assembly, or the Swiss Parliament, for discussion. After that, a national vote is held where all Swiss citizens can decide.
In addition to support, the initiative also faces skepticism due to the volatile nature of Bitcoin. Critics suggest that tying up national reserves to an unpredictable asset could jeopardize Switzerland’s renowned economic stability. The imminent debate is expected to intensify as supporters work to collect over 100,000 signatures needed for a referendum by June 2026.
Historically, Switzerland has been cautious about adopting cryptocurrencies at the government level. In 2022, former SNB president Thomas Jordan said that Bitcoin does not meet the criteria for currency reserves. However, with changing attitudes towards digital assets worldwide, such as the US approval of spot Bitcoin ETFs after a long period, the Swiss may reconsider their stance.
If successful, this initiative could position Switzerland as one of the first countries to constitutionally recognize Bitcoin in its monetary framework. The outcome of this proposal may not only reshape Swiss financial policy, but also influence how central banks around the world approach digital currencies.
The Swiss National Bank currently holds approximately 1,040 tons of gold in its reserves, worth approximately $27 billion. The country ranks as the third largest holder of gold reserves in the world, after America and Germany.
National Bitcoin reserves expected to flourish under Trump administration
A December report by Bitcoin Exchange River shows that thirteen countries already hold Bitcoin as a reserve asset, with ongoing discussion surrounding similar moves by other nations such as Brazil and Poland. Earlier this month, a Russian lawmaker proposed that its central bank consider bitcoin a reserve asset.
The number of countries incorporating Bitcoin into their respective reserves is poised to grow under the incoming Trump administration. Trump has expressed support for establishing a national bitcoin reserve.
In the country that leads the world economy, there is a growing BTC adoption among public companies and states.
The Texas House of Representatives recently introduced legislation to create a state-level bitcoin reserve. This initiative would allow Texas to accumulate bitcoin through taxes, fees and donations, positioning it as a hedge against inflation and economic uncertainty.
Republican State Representative Giovanni Capriglione said this strategic reserve could improve the state’s fiscal resilience and serve as a pioneering model for other states and potentially the federal government.
Despite some occasional transfers under the current administration, the US government still holds 198,109 BTC, worth about $18.5 billion, Arkham’s data shows. Trump has pledged not to sell those existing holdings.
In addition, there are suggestions that the US Treasury may purchase additional Bitcoin each year to build a substantial reserve over time.
Republican Senator Cynthia Lummis, also a well-known Bitcoin supporter, introduced legislation for the Treasury to receive 200,000 Bitcoins every year for five years, potentially accumulating a total of 1 million Bitcoins in reserves.
If realized, the strategy could position the United States as one of the largest owners of Bitcoin, accounting for approximately 5% of the total supply.
