- The Swiss National Bank rejected calls to hold Bitcoin, citing volatility and liquidity concerns.
- A campaign seeks to amend Switzerland’s constitution to include Bitcoin in national reserves.
- Crypto advocates argue Bitcoin offers independence from politically influenced fiat currencies.
The Swiss National Bank (SNB) has rejected yet another call to include Bitcoin in reserves for liquidity and volatility reasons. This was announced at the central bank’s annual shareholder meeting in Bern on April 25. Bitcoin does not meet the institution’s criteria for including it in official currency reserves, Chairman Martin Schlegel said.
Crypto advocates have started a referendum campaign requiring Bitcoin to be part of the SNB’s reserves. The initiative seeks to add Bitcoin to the list of gold in Article 99 of the Swiss constitution, which sets guidelines for SNB reserve management. The initiative requires gathering 100,000 signatures before it can go to a vote.
SNB Resists Constitutional Push for Bitcoin Inclusion
According to Chairman Schlegel, cryptocurrencies are illiquid and unstable enough to serve as reserve assets. He said the SNB must be able to buy and sell quickly and without excessive volatility exposure. He added, “Cryptocurrency cannot currently fulfil the requirements for our currency reserves.” Schlegel’s remarks follow similar statements made in March when he expressed skepticism over Bitcoin’s suitability. His concerns center on the asset’s sharp price swings and limited use in daily transactions.
The referendum campaign goes on despite the central bank’s stance. It is supported by 2B4CH, a Swiss nonprofit focused on Bitcoin education and research. Under the group’s plan, Bitcoin would be required to be held in reserve by the SNB. Other industry figures helped launch the campaign, including an executive at Tether, Giw Zanganeh.
Prominent backers say adding Bitcoin to Switzerland’s reserves would diversify Swiss reserves and reduce dependence on foreign currency. SNB has most of its monetary reserves in U.S. dollars and euros. Geopolitical tensions are on the rise and Luzius Meisser, a Bitcoin Suisse board member, said the move is needed. “Holding bitcoin makes more sense as the world shifts towards a multipolar order,” Meisser Stated.
Meisser also claimed Bitcoin would shield Switzerland from monetary inflation triggered by foreign governments. He argued that digital assets could act as an alternative to fiat currencies prone to political manipulation.
Switzerland’s Broader Crypto Landscape
Switzerland continues to be a key player in the current global blockchain industry. About a dozen unicorn startups have come out of the country’s “Crypto Valley” in Zug. The region also gave birth to Ethereum. Grocery chain Spar allowed Bitcoin payments in one Swiss city earlier this year as the adoption grows. In 2024, the industry reports indicate that the Swiss crypto sector had a $593 billion valuation.
Still, the SNB’s stance underlines the cautious approach of major financial institutions. Officials insist that reserve assets must maintain value and be easy to liquidate during market stress.
The interest in Bitcoin around the world today is partly a result of President Donald Trump’s pro-crypto rhetoric and trade policies. However, the SNB says the cryptocurrencies have not yet met its requirements. If the Swiss referendum effort is successful, it could lead to a change in how the country’s reserves are managed. The SNB for now stands firm in its opposition.
