Bitcoin Initiative Abandons Swiss National Bank Referendum Effort

A campaign aimed at encouraging the Swiss National Bank (SNB) to include Bitcoin in its reserves has been abandoned. According to Foresight News, the initiative, known as the 'Bitcoin Initiative,' announced its decision to cease efforts for a referendum due to insufficient support. With only a few weeks left until the deadline, the campaign gathered approximately 50,000 signatures, falling short of the 100,000 required by Swiss law to trigger a referendum. Yves Bennaim, the founder of the initiative, stated that the campaign will naturally expire but noted that discussions on the topic have progressed. The Swiss National Bank has previously expressed opposition to holding cryptocurrencies, citing excessive price volatility and insufficient market liquidity, which do not meet the requirements for central bank reserves.