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Switzerland Considers Bitcoin for its National Reserves: Will Crypto Become Part of the Future of Finance?
Bitcoin’s Bold Bid for Swiss Constitution: Could Crypto Join the Dollar and Euro?
Switzerland’s Bitcoin Debate: A Push for Financial Sovereignty or a Step Too Far?
Switzerland is gearing up for a moment of self-reflection on its relationship with money, thanks to a growing push from Bitcoin advocates who want to enshrine the cryptocurrency in the Swiss constitution.
With global interest in cryptocurrency intensifying—especially after Donald Trump’s victory, which brought promises of friendlier US regulation—Bitcoin supporters in Switzerland are campaigning for a national vote. Their goal is to have Bitcoin added to the Swiss National Bank’s reserves, alongside the dollar, euro, and gold.
Switzerland’s system of direct democracy allows the public to force a vote if they gather 100,000 signatures. The campaigners have just started the process, so any potential vote is still years away. But they see this time as an opportunity to build a strong case for Bitcoin’s inclusion.
The debate, if it grows, could challenge the Swiss National Bank (SNB), a pillar of conservative monetary policies and one of Switzerland’s most respected institutions. SNB officials have yet to warm up to the idea of Bitcoin, struggling to view it as a legitimate or valuable asset.
In the meantime, the campaign itself is already raising Bitcoin’s profile in Switzerland. The country, known for its finance-focused economy, has been more welcoming to Bitcoin compared to many other nations. Bitcoin is already an accepted form of investment, a means of payment, and the centerpiece of an entire trading industry.
“People here are certainly more open to Bitcoin as a store of value than in neighboring countries,” said Rino Borini, who has run a cryptocurrency forum and training center in Zurich since 2018. “It’s similar to cash—Swiss people appreciate its security and privacy.”
House of Satoshi, a business co-founded by Borini, has seen a significant increase in demand for its seminars, especially after Bitcoin hit a record high of over $100,000 in December. The workshops, which teach the basics of cryptocurrency, are now booked weeks in advance.
For the campaigners, Bitcoin’s independence from state interference is central. The 10-member panel, which includes a mix of entrepreneurs and academics, launched the campaign in December. Their push for Bitcoin to be added to the SNB’s reserves taps into the Swiss desire for financial sovereignty, a theme championed by the country’s dominant political force, the anti-immigrant Swiss People’s Party.
“Most of the SNB’s assets are in euros or dollars, which makes us dependent on the regulations and economies of other countries,” said Yves Bennaim, the 51-year-old chair of the committee. “With Bitcoin, the SNB would have the opportunity to invest in something that’s not controlled by any other nation.”
Switzerland’s favorable stance toward cryptocurrencies has provided fertile ground for their campaign. A study from Lucerne University of Applied Sciences and Arts found that 11% of the Swiss population already holds digital assets. The country even has Bitcoin ATMs in small towns, and since 2016, Bitcoin has been available to buy from the Swiss railway ticket machines.
Some local governments, such as in Lugano, have embraced Bitcoin for paying taxes and fines. Switzerland has also been a leader in creating a crypto-friendly regulatory environment. It was the first to grant crypto banks a license, and many larger financial institutions now offer crypto services. PostFinance AG, a government-owned financial institution, began offering crypto services after seeing significant outflows to digital asset exchanges.
The push for a vote will be concentrated in Zug, the low-tax canton known as Crypto Valley, where many crypto companies and foundations are based. Some key figures in the region have already pledged support for the initiative.
“I will call out to our client base to vote for this,” said Olga Feldmeier, founder of Smart Valor AG, a Zug-based crypto investment platform. “I’m sure the people in Crypto Valley will want to contribute.”
Supporters are also hoping that a global shift in attitudes toward Bitcoin could help their cause. Trump has endorsed the idea of a national Bitcoin reserve, and Germany’s former finance minister recently suggested that Bitcoin should be considered for reserves by the European Central Bank and the Bundesbank, though this idea was rejected by ECB staff.
Despite this growing momentum, the Swiss campaigners face significant challenges. The SNB, which is legally required to hold gold in its reserves, has been hesitant to diversify into Bitcoin. Still, the push for a national vote is already putting Bitcoin at the forefront of public discussion in Switzerland.
