Cryptocurrency proponents are intensifying calls for the Swiss National Bank (SNB) to acquire Bitcoin, arguing that global economic turbulence stemming from U.S. tariffs under former President Donald Trump heightens the need for reserve diversification.
The Push for Constitutional Reform
In December last year, supporters launched a referendum campaign to amend Switzerland's constitution, compelling the SNB to include Bitcoin alongside gold in its reserve assets.
Luzius Meinser, a board member at crypto brokerage Bitcoin Suisse and campaign advocate, emphasized:
"As the world shifts toward multipolarity with weakening USD and EUR, Bitcoin presents a strategic hedge."
Meinser will address these points at the SNB’s annual shareholders' meeting in Bern this Friday. He highlights that Bitcoin could insulate the SNB from political influences affecting its foreign currency holdings—75% of which are denominated in USD and EUR.
Switzerland’s Crypto Ecosystem
Switzerland has emerged as a hub for blockchain innovation, hosting projects like Ethereum in Zug’s "Crypto Valley." A Lucerne University of Applied Sciences study reveals that 11% of Switzerland’s population now invests in crypto assets.
SNB’s Stance: Skepticism Persists
Despite growing adoption, the SNB remains cautious, citing:
- Bitcoin’s price volatility
- Liquidity constraints
- Security risks
SNB Chairman Martin Schlegel remarked in March:
"Cryptocurrencies are fundamentally software—and we know software often contains vulnerabilities."
Bitcoin’s Defensive Attributes
Yves Bennaïm, organizer of the Bitcoin Initiative, counters that Bitcoin’s technology is "among the most reliable and secure IT systems ever developed," with continuous improvements enhancing its robustness.
Investment Rationale
While both advocates hold Bitcoin personally, they stress their campaign isn’t profit-driven. Bennaïm notes:
- Bitcoin’s ~$2T market cap makes it the most liquid and stable digital asset.
- Daily trading volumes exceed billions of dollars.
He proposes:
"A 1–2% allocation from SNB’s ~1 trillion CHF reserves into this appreciating, high-security asset aligns with prudent diversification."
FAQ Section
Q: Why target the SNB specifically?
A: As a globally respected central bank, SNB’s adoption could legitimize Bitcoin as a reserve asset for other nations.
Q: How would Bitcoin stabilize the SNB’s reserves?
A: Its decentralized nature reduces exposure to single-currency political risks, unlike USD/EUR holdings.
Q: What about environmental concerns?
A: Switzerland’s renewable energy surplus could support eco-friendly Bitcoin mining initiatives.
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