Switzerland faces a monetary identity check, thanks to Bitcoin

According to a Jan. 18 report by Bloomberg, a group of Bitcoin diehards wants to force the Swiss National Bank (SNB) to hold Bitcoin alongside gold, dollars, and euros as part of its official reserves.

Their mission is nothing short of revolutionary. They want to enshrine Bitcoin’s place in the Swiss Constitution and, in the process, make history. Under Switzerland’s system of direct democracy, these guys have already started gathering the 100,000 signatures they need to force a national vote.

If successful, the country’s 8.8 million people will decide whether Bitcoin deserves a seat at the table of one of the world’s most respected central banks.

A fight over money in a crypto-friendly country

This comes at a time when Switzerland is already ahead of most nations in adopting cryptocurrencies. The country has 11% of its population holding digital assets, according to a 2024 report by Lucerne University of Applied Sciences and Arts.

Bitcoin ATMs are as common as bakeries in many small towns, and since 2016, residents have been able to buy Bitcoin directly from train station ticket machines.

Lugano, a city in the country, even allows citizens to pay taxes, fines, and other bills with Bitcoin. It’s now become something of a vacation spot for crypto elites.

Yves Bennaim, chair of the campaigners committee, insists that Bitcoin could protect Swiss reserves from the influence of foreign powers. “Most of the SNB’s reserves are in euros and dollars,” he explained. “That makes us dependent on the policies of other countries. Bitcoin offers us a way out.”

Switzerland’s love of financial privacy could also work in the campaign’s favor. There are parallels between Bitcoin’s decentralization and the country’s tradition of sovereignty.

The global winds of change

All of this come at a time when the whole world seems to be changing its opinion on Bitcoin. US President Donald Trump has backed the idea of a national Bitcoin reserve, proudly calling himself ‘the crypto president.’ Christian Lindner, Germany’s former finance minister, suggested that the European Central Bank consider holding Bitcoin in December.

But Switzerland is miles ahead of these countries. In August 2019, the country became the first ever to issue licenses to crypto banks, and state-owned PostFinance AG began offering crypto services.

UBS economist Alessandro Bee cautioned against Bitcoin’s infamous volatility. “If the SNB invests in Bitcoin, there’s a real risk its equity could shrink during market downturns. Over time, this could hurt the bank’s credibility,” he said.

Critics argue that the SNB’s credibility, built on its cautious approach, could take a hit if it embraced an asset as unpredictable as Bitcoin. Claude Maurer, chief economist at BAK Economics, believes the public’s trust in the SNB is too high for a campaign like this to succeed.

Whether or not the vote succeeds, the campaign is forcing Switzerland to confront its relationship with money in a way it hasn’t in decades. With the clock ticking toward the June 2026 deadline for signature collection, the organizers are betting that Bitcoin’s growing acceptance, both at home and abroad, will push the Swiss public to embrace this digital revolution.

From Zero to Web3 Pro: Your 90-Day Career Launch Plan