TLDR
- Swiss crypto advocates drop SNB Bitcoin Reserve campaign after weak support
- SNB Bitcoin Reserve push fails to reach referendum signature threshold
- Bitcoin Initiative ends Swiss reserve campaign after missing key target
- Swiss central bank rejects Bitcoin reserve plan over volatility concerns
- SNB Bitcoin Reserve debate fades as campaigners miss required signatures
Swiss crypto advocates will drop their SNB Bitcoin Reserve campaign after failing to secure enough signatures for a national referendum. The proposal sought a constitutional change requiring the Swiss National Bank to hold Bitcoin with gold and foreign currency reserves. However, the campaign reached only about half of the 100,000 signatures required under Swiss law.
Bitcoin Reserve Campaign Falls Short
The Bitcoin Initiative had 18 months to gather public support for the proposed constitutional change. Yet, with only weeks left, campaigners accepted that the required threshold remained out of reach. Hence, the group plans to let the SNB Bitcoin Reserve initiative lapse.
The campaign aimed to force a national vote on Bitcoin’s role in Switzerland’s official reserves. Supporters argued that Bitcoin could reduce reliance on dollar and euro assets. Besides, they said Bitcoin offered a neutral reserve option that matched Switzerland’s financial independence.
Campaign founder Yves Bennaim said the effort faced long odds from the beginning. However, he said the campaign still helped move the debate forward. Additionally, supporters believe the SNB Bitcoin Reserve idea may return in future political efforts.
SNB Rejects Bitcoin Reserve Plan
The Swiss National Bank has resisted calls to add Bitcoin to its balance sheet. The central bank said cryptocurrencies do not meet its reserve requirements. Furthermore, it cited price volatility and limited liquidity as key concerns.
The SNB manages reserves that must preserve value and support monetary policy when needed. Therefore, it favors assets that remain liquid, secure, and reliable in stressed markets. The bank said crypto assets do not meet those standards.
The SNB Bitcoin Reserve debate also comes during weaker Bitcoin price action. Bitcoin has lost value in 2026 after also falling last year. Moreover, that decline strengthened concerns about using volatile assets in central bank reserves.
Global Reserve Debate Continues
The Swiss campaign added to a wider global debate about crypto and official reserves. Central banks have studied digital assets, but most remain skeptical. Additionally, they continue to prefer assets with deep markets and lower operational risks.
The Czech National Bank took a limited step by buying digital assets for research purposes. It purchased a small amount of cryptocurrency and blockchain-based assets to study digital markets. That move did not amount to a full reserve strategy.
The European Central Bank has also warned against crypto in official reserves. It says reserves should remain liquid, secure, and safe. The failed SNB Bitcoin Reserve campaign shows that political support remains limited, despite growing crypto advocacy.
