Why Is the Swiss Bitcoin Reserve Campaign Failing?
A campaign to require the Swiss National Bank to hold bitcoin in its reserves is set to lapse after failing to collect enough signatures to trigger a national referendum.
The Bitcoin Initiative sought to amend Switzerland’s constitution so that the central bank would hold bitcoin alongside gold and foreign currency reserves. Swiss authorities gave campaigners 18 months to gather 100,000 signatures, but organizers said they had collected only about half the required number with a few weeks remaining.
“We knew from the beginning that it was a long shot,” campaign founder Yves Bennaim told Reuters.
“For now, we are going to let the initiative lapse,” he said, adding that the campaign had helped advance debate over bitcoin’s place in global finance.
Why Has the Swiss National Bank Rejected Bitcoin?
The Swiss National Bank has opposed adding cryptocurrencies to its reserves, citing volatility, liquidity concerns, and reserve management standards. The central bank has said its balance sheet must be able to expand or shrink as needed, while reserve assets must preserve value.
“Cryptocurrencies do not meet the SNB’s currency reserve requirements,” the SNB said.
The bank declined to comment on the campaign’s failure. Its stance reflects a broader divide among central banks. Some have tested digital assets on a limited basis, while others remain skeptical of holding crypto as part of sovereign reserves.
The Czech National Bank last year bought $1 million of cryptocurrency and other blockchain-based digital assets to gain experience with digital markets. By contrast, the European Central Bank has argued that reserves should remain liquid, secure, and safe.
Investor Takeaway
What Was the Case for Bitcoin in Swiss Reserves?
Supporters argued that bitcoin could help diversify Switzerland’s reserves away from dollar- and euro-denominated assets, which account for about three-quarters of the SNB’s foreign currency holdings.
Bennaim said bitcoin was not illiquid, pointing to tens of billions of dollars in daily transactions. He argued that the initiative was intended to push the SNB to examine a technology that is changing global finance.
“Bitcoin is an alternative to the dollar or the euro, and is internationally neutral, like Switzerland,” Bennaim said.
The argument did not gain enough public support to force a vote. The outcome shows the gap between bitcoin’s growing use as a treasury asset among companies and the much higher threshold for central bank adoption.
Investor Takeaway
How Are Countries Treating Bitcoin Reserves?
Sovereign bitcoin adoption remains limited. El Salvador was the first country to formally adopt bitcoin as part of a sovereign reserve strategy after President Nayib Bukele began government purchases in 2021 alongside the country’s move to make bitcoin legal tender.
Bhutan has also become one of the world’s largest sovereign bitcoin holders, building much of its treasury through state-backed mining using surplus hydroelectric energy. Recent wallet data, however, shows Bhutan-linked holdings have fallen sharply from late 2024 levels after large transfers and apparent sales.
The largest sovereign bitcoin holders, including the United States, China, and the United Kingdom, mostly acquired their holdings through criminal seizures and forfeiture actions rather than active reserve-buying programs.
In March 2025, US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve capitalized with government-held bitcoin. The order stated that bitcoin held by the reserve would not be sold and would be kept as reserve assets of the United States.
Switzerland’s failed campaign shows that bitcoin’s path into central bank reserves remains narrow. The debate is no longer theoretical, but adoption still depends on whether policymakers believe bitcoin can meet the practical requirements of reserve management.
