A group of Bitcoin supporters, the Bitcoin Initiative, led by Yves Bennaim of 2B4CH, initiated a referendum on amending the Swiss constitution.

The group intends to oblige the Swiss National Bank (SNB) to include BTC along with gold in its reserves. The Bitcoin Initiative believes that given the fundamental financial prospects that the flagship cryptocurrency can offer investors, it is time for the SNB to turn its attention to Bitcoin and consider it as a component of a reserve asset, on a par with gold.

“Adding Bitcoin to the Central Bank's reserves will help protect the country's sovereignty and neutrality in an increasingly uncertain world. We are completing the organizational preparations for the referendum and the documents that must be submitted to the State Chancellery in order to begin the process of public hearings,” said Bennaim.

The initiative group believes that the SNB, on the whole, takes a sober view of such proposals. However, in this case, time is of the essence and the national bank needs to be decisive. Otherwise, SNB may find itself in a “catch-up” position and lose the benefits of early investment.

“Even a small investment in Bitcoin by a national bank would have a significant signaling effect on society and highlight Switzerland’s reputation as a cryptocurrency nation,” Leon Curti, head of research at asset management company Digital Asset Solutions, commented on the Bitcoin Initiative proposal.

Let us remember that this is the second attempt by Bitcoin supporters in Switzerland to carry out constitutional reform. The first was attempted in 2021 and was unsuccessful.