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Switzerland’s campaign to require the Swiss National Bank (SNB) to hold Bitcoin as part of its official reserves is set to lapse after organisers failed to collect enough signatures for a national referendum.
The campaign, known as the Bitcoin Initiative, aimed to amend Article 99 of the Swiss Constitution so that the SNB would hold Bitcoin alongside gold as part of its monetary reserves. Supporters argued that Bitcoin could strengthen Swiss financial sovereignty and provide a politically neutral reserve asset outside the traditional dollar and euro system.
Under Switzerland’s federal popular initiative process, campaigners needed 100,000 valid signatures within 18 months to move the proposal toward a national vote. Organisers collected about 50,000 signatures—roughly half the required total—with only a few weeks left before the deadline.
Founder Yves Bennaïm said the campaign would be allowed to lapse rather than pursue a final push, adding that supporters had always viewed the effort as difficult due to the technical nature of the proposal and limited resources.
The SNB has repeatedly rejected the idea of adding Bitcoin to official reserves. In April, SNB Chair Martin Schlegel said cryptocurrencies do not currently meet the central bank’s requirements for reserve assets.
The SNB manages reserves with a focus on liquidity, value preservation and monetary policy flexibility. Its balance sheet includes gold, foreign currency assets, its International Monetary Fund reserve position and international payment instruments.
Central banks typically require reserve assets that can be bought and sold at large scale during periods of market stress. The SNB has argued that Bitcoin’s volatility and liquidity profile make it unsuitable for that role under current reserve standards.
Bitcoin supporters challenged that view, pointing to Bitcoin’s fixed supply, global trading activity and independence from any single state. They said a limited allocation—such as 1% to 2% of reserves—could support diversification without replacing the SNB’s existing asset base.
Because the campaign did not reach the 100,000-signature threshold, the proposal will not move to a national vote. Switzerland’s direct-democracy system allows citizens to propose constitutional changes, but the signature requirement often prevents smaller campaigns from advancing.
The outcome leaves the SNB’s reserve framework unchanged. It also highlights the gap between Switzerland’s crypto industry and national monetary policy: Switzerland is among Europe’s most active digital asset hubs, with Zug’s “Crypto Valley” hosting blockchain firms, foundations and financial technology companies.
However, support for blockchain businesses does not automatically translate into voter support for changing central bank reserve rules, which remain tied to public trust, monetary stability and the SNB’s legal mandate.
The failure of Switzerland’s initiative does not end wider debate over Bitcoin reserves. Several governments and central banks have reviewed or rejected similar ideas as digital assets have grown in global financial markets.
At the same time, some institutions have tested digital assets on a limited basis. Reports say the Czech National Bank bought a small amount of cryptocurrency and blockchain-based assets to gain operational experience.
In the United States, debate continues over the BITCOIN Act and the legal structure of a federal Bitcoin reserve. Supporters argue Bitcoin could serve as a long-term national asset, while critics point to volatility, custody risks and limits on government financial flexibility.
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