A collective of Bitcoin enthusiasts based in Switzerland is intensifying efforts to persuade the Swiss National Bank (SNB) to integrate Bitcoin into its reserves.
Their strategy involves initiating a petition to trigger a referendum aiming to amend the country’s constitution, necessitating the collection of over 100,000 signatures from Swiss citizens.
Yves Bennaïm, the founder and chairman of 2B4CH, a non-profit think tank spearheading the initiative, expressed to the Swiss news outlet Neue Zürcher Zeitung (NZZ) his belief that including Bitcoin in the SNB’s reserves would fortify Switzerland’s “sovereignty and neutrality” amid an increasingly uncertain global landscape.
2B4CH Finalizing Preparations for the Necessary Documents
Bennaïm mentioned that they are in the final stages of organizing the committee and preparing the required documentation for submission to the State Chancellery.
Nevertheless, the process comes with its set of challenges.
According to the Swiss constitution, a referendum can only proceed if at least 100,000 Swiss citizens sign a petition within 18 months.
This criterion presented obstacles for 2B4CH during their initial attempt in October 2021.
At that time, they launched the “Bitcoin Initiative” with the objective of amending Article 99-3 of the Swiss Federal Constitution to include Bitcoin as a reserve currency.
Given Switzerland’s population of 8.77 million, approximately 1.15% of the populace must endorse the petition by signing it.
Luzius Meisser, the president of Bitcoin-focused trading platform Bitcoin Suisse, who is supporting Bennaïm in this endeavor, believes that integrating Bitcoin into the SNB’s reserves would symbolize Switzerland’s autonomy from the European Central Bank and bolster its neutrality.
Meisser to Discuss Benefits of Adding Bitcoin to Balance Sheet
Meisser is slated to present the advantages of incorporating Bitcoin into the SNB’s balance sheet during a meeting set for April 26. However, he will have just three minutes to make his case.
Previously, Meisser endeavored to convince the central bank to allocate 1 billion Swiss francs ($1.1 billion) monthly to Bitcoin as an alternative to German government bonds in March 2022. Regrettably, SNB Chair Thomas Jordan purportedly stated in April 2022 that Bitcoin did not meet the criteria to be deemed a reserve currency.
Meisser contends that Switzerland would presently be 30 billion Swiss francs ($32.9 billion) wealthier if the central bank had heeded his recommendation in 2022.
He further cautions that delaying the action could lead to other central banks acquiring Bitcoin at significantly higher prices, placing Switzerland at a disadvantage.
The NZZ article discussing the petition has garnered support from Joana Cotar, a German politician and Bitcoin activist vehemently opposed to a European Union-backed digital currency.
According to reports, Western Europe has emerged as a prominent region in global crypto adoption, attracting a substantial number of daily traders, estimated between 1.2 million to 1.5 million individuals. Germany and France lead the activity in the region, while Austria has seen the most significant annual growth, with a remarkable 70% surge in users.
