Swiss Crypto Advocates Push SNB to Allocate 1% to 2% of Reserves to Bitcoin

A coalition of crypto advocates in Switzerland is campaigning for the Swiss national bank (SNB) to diversify its foreign reserves by acquiring Bitcoin (BTC). The campaign, launched in December, aims to legally require the snb to hold Bitcoin alongside gold as part of its foreign asset portfolio through a constitutional referendum initiative.

Proponents of the initiative argue that Switzerland should adjust its reserve strategy to reflect a global transition toward multipolarity and reduced dependence on the US dollar and euro. Luzius Meisser, a board member of Bitcoin Suisse and a central figure in the initiative, highlights that Bitcoin’s monetary policy offers an inflation-resistant alternative to fiat currencies. Meisser will present the initiative’s rationale directly to stakeholders at the SNB’s annual general meeting in Bern this week.

The referendum process requires 100,000 verified signatures to proceed to a national vote. If successful, it would be the first initiative globally to mandate Bitcoin holdings by a central bank through constitutional reform. Supporters argue that allocating a modest portion of the SNB’s nearly $1 trillion Swiss franc reserve portfolio into Bitcoin, specifically 1% to 2%, would protect against monetary debasement without exposing the bank to outsized volatility.

Meisser and other advocates contend that the SNB’s current foreign currency holdings, consisting of 75% of US dollars and euros, expose Switzerland to foreign political dynamics and devaluation risks driven by expansionary fiscal policies abroad. They also argue that such a move would align with Switzerland’s broader positioning as a hub for blockchain technology, hosting “Crypto Valley” in Zug and ranking 55th out of 151 countries in the crypto index provided by Chainalysis’ latest “Geography of Crypto Report.”

Yves Bennaim, another proponent of the initiative and a member of the Bitcoin Initiative group, addressed concerns over security and liquidity. He described Bitcoin’s underlying technology as among the most secure and resilient digital systems ever created, supported by a $2 trillion market capitalization and daily trading volumes in the billions. Bennaim emphasized that the global Bitcoin market is the most liquid and established among digital assets, suggesting that a small allocation can hedge against monetary and geopolitical risks.

Despite the campaign’s momentum, the Swiss National Bank has remained skeptical toward crypto. In March, SNB Chairman Martin Schlegel reiterated the institution’s reservations, citing Bitcoin’s high volatility, limited liquidity in crisis scenarios, and technical vulnerabilities as factors that currently preclude its inclusion in official reserves. Schlegel maintained his reservations even after Switzerland’s Federal Chancellery approved submitting a constitutional amendment proposal in December requiring the SNB to hold part of its reserves in Bitcoin.