Swiss referendum: Supporters seek SNB Bitcoin reserves

A coalition, spearheaded by Yves Bennaïm, aims to adjust the Swiss constitution, influencing the Swiss National Bank (SNB) to maintain Bitcoin alongside gold within its currency reserves. This change targets a significant evolution in the nation's fiscal approach, promising to shift how reserves are traditionally managed.

Yves Bennaïm, deeply embedded in the Swiss Bitcoin sphere, asserts that this venture extends beyond altering the fiscal assets—it's a stride towards fortifying Switzerland's sovereignty and initiating critical financial discussions. He suggests that the amendment could herald a new era of financial independence, distancing from traditional central banking influences.

Luzius Meisser of Bitcoin Suisse champions the proposal, viewing Bitcoin as a sturdy long-term investment compared to volatile euro and dollar assets. He is scheduled to present these insights at the SNB's imminent Annual General Meeting.

Conversely, academic leaders like Professor Gunther Schnabl and industry experts underline the potential benefits and risks associated with integrating Bitcoin into national reserves. While Schnabl advocates for diversification using Bitcoin to mitigate increasing default risks in government debts, critics highlight Bitcoin’s volatility and regulatory uncertainties.

Previous rejections from SNB figures like Thomas Jordan, who deemed Bitcoin unfit for reserves, contrast starkly with current discussions. An aggressive acquisition strategy, as outlined by Meisser, might have significantly boosted Switzerland's financial reserves, showcasing Bitcoin's robust performance against traditional assets.

The Swiss populace holds the power to drive this constitutional amendment through a national referendum, requiring 100,000 signatures to bring the matter to vote. This potential amendment is not only pivotal for Switzerland but could also set a precedent for global financial strategies.