Switzerland is preparing to vote on adopting Bitcoin as a reserve asset, reflecting the country’s growing embrace of cryptocurrency, spurred by Donald Trump’s pro-crypto stance. Advocates propose adding Bitcoin alongside the dollar, euro, and gold to strengthen its legal standing in Switzerland.
Campaigners have launched an initiative to collect 100,000 signatures, which would trigger a national vote on Bitcoin adoption. If successful, the proposal could push the Swiss National Bank (SNB) to reevaluate its skeptical stance on the cryptocurrency.
Switzerland Set to Vote on Bitcoin Reserve
The Swiss Federal Chancellery began pushing for the Bitcoin reserve proposal on December 31, 2024, after a failed attempt in October 2021. The initiative gained momentum following Donald Trump’s victory in the 2024 U.S. election, as he is seen as a proponent of cryptocurrency.
The proposal seeks to amend Switzerland’s Federal Constitution, allowing Bitcoin to be added to the SNB’s reserve portfolio. The signature collection deadline is June 30, 2026, after which the proposal will be presented to the Federal Assembly and put to a public vote.
Crypto enthusiast Rino Borini explained that most of the Swiss National Bank’s reserves are foreign, making the country reliant on external governments. The introduction of a Bitcoin reserve could offer greater financial independence through decentralization.
However, the conservative SNB remains wary of the proposal. SNB Chair Martin Schlegel has raised concerns over Bitcoin’s high volatility and dismissed it as a “niche phenomenon.” UBS economist Alessandro Bee warned that Bitcoin’s price fluctuations could erode SNB’s equity and harm its credibility in the long term.
Switzerland’s Crypto-Friendly Environment
Switzerland is a global leader in cryptocurrency and blockchain innovation, thanks to its favorable regulatory environment and technological advancements. The country’s “crypto valley” and focus on blockchain education position it as a hub for the industry. If the Bitcoin reserve proposal is approved, it could further solidify Switzerland’s status as a leader in the global crypto space.
