Swiss National Bank Resists Pressure to Add Bitcoin to Reserves
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despite growing advocacy from within the crypto community, the Swiss National Bank (SNB) is holding firm against including Bitcoin (BTCUSD) in it’s currency reserves.SNB President Martin Schlegel reiterated the bank’s stance at a recent shareholder meeting in Bern, stating that cryptocurrencies currently do not meet the stringent requirements for reserve assets [[1]].
SNB’s Concerns Regarding Bitcoin
Schlegel has previously voiced concerns about Bitcoin’s volatility, liquidity challenges, and security risks, further solidifying the SNB’s reluctance to embrace the digital asset [[3]].
Cryptocurrencies are currently unable to meet the requirements for our currency reserves.
Martin Schlegel, President of the swiss National Bank
The Push for Bitcoin inclusion: A Constitutional Amendment Proposal
At the close of 2024, a proposal was initiated to amend the Swiss Constitution, mandating the SNB to hold Bitcoin on its balance sheet [[2]]. This initiative requires 100,000 signatures to trigger a national referendum,highlighting the grassroots support for integrating Bitcoin into the nation’s financial strategy.
Proposed Constitutional Change
The proposed amendment targets Article 99 of the Swiss Constitution, which currently states:
The Swiss National Bank forms sufficient currency reserves from its yields; part of these reserves is kept in gold.
The campaign seeks to add “and in Bitcoin” to the end of this paragraph, signifying a major shift in the SNB’s reserve asset composition.
Arguments in Favor of Bitcoin Reserves
Advocates like Luzius Meisser, a board member of Bitcoin Suisse, argue that incorporating Bitcoin into the SNB’s reserves would provide a hedge against the weakening dollar and euro, especially as the world potentially moves towards a multipolar economic order. He suggests that Bitcoin’s decentralized nature could shield the central bank from political pressures associated with traditional foreign currency holdings.
Yves Bennaïm, founder and chairman of 2B4CH, a non-profit involved in the initiative, suggests a measured approach:
We don’t say that you should put fully on Bitcoin, but if you have almost 1 trillion francs on reserves like the SNB, it makes sense to have 1 to 2 % of it in an asset that increases in value, becomes safer and everyone wants to own.
Switzerland: A Crypto Hub
Switzerland has established itself as a prominent hub for blockchain innovation. The “crypto Valley” in Zug, where Ethereum was founded, continues to foster crypto initiatives. The region’s crypto ecosystem was valued at over $593 billion in 2024, with 17 crypto startups achieving unicorn status last year.
Even traditional businesses are embracing crypto, with examples like the global food giant spar introducing Bitcoin payments in select Swiss cities earlier this month, demonstrating the increasing integration of digital currencies into everyday commerce.
