In the wake of growing global economic uncertainty, cryptocurrency advocates are intensifying their call for the Swiss National Bank (SNB) to include Bitcoin in its foreign reserve holdings. With escalating trade tensions and monetary instability, supporters argue that diversifying national reserves with digital assets like Bitcoin could strengthen Switzerland’s long-term financial resilience.
A Constitutional Push for Bitcoin Reserves
Last December, a group of blockchain advocates launched a public referendum initiative aimed at amending the Swiss Constitution. The proposed change would require the SNB to hold Bitcoin alongside traditional reserve assets such as gold. This bold move reflects a growing belief that in an increasingly multipolar financial world, central banks must adapt to new forms of value storage.
“With the global shift toward a multipolar order and weakening confidence in both the dollar and euro, holding Bitcoin makes strategic sense,” said Lucius Meysner, board member of Bitcoin Suisse and a leading voice in the campaign. Meysner is set to speak at the SNB’s annual general meeting in Bern, where he will present the case for digital asset inclusion.
The Swiss National Bank currently holds around three-quarters of its foreign currency reserves in U.S. dollars and euros—exposing it to geopolitical and monetary policy risks beyond its control. Advocates believe Bitcoin offers a neutral, apolitical alternative that cannot be devalued through inflationary fiscal policies.
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Why Bitcoin? Stability Through Scarcity
One of the central arguments put forward by proponents is Bitcoin’s fixed supply cap of 21 million coins. Unlike fiat currencies, which can be printed indefinitely, Bitcoin’s scarcity is algorithmically enforced. This feature, supporters say, insulates it from the inflationary pressures caused by deficit spending.
“Politicians will always be tempted to print money to fund their programs, but Bitcoin is immune to such manipulation,” Meysner emphasized. “It’s a truly independent store of value.”
Yves Bénaim, organizer of the Bitcoin Initiative, echoed this sentiment, noting that while he personally owns Bitcoin, his advocacy is driven by national interest—not personal gain. “We’re not suggesting the SNB replace its entire reserve portfolio,” Bénaim clarified. “But allocating just 1% to 2%—roughly CHF 10–20 billion—into the most liquid and secure digital asset makes strategic sense.”
With a market capitalization nearing $2 trillion and daily trading volumes in the tens of billions, Bitcoin stands out among digital assets for its liquidity and network robustness. According to Bénaim, it is now one of the most reliable and actively traded financial instruments in the digital economy.
Switzerland: A Hub for Blockchain Innovation
Switzerland has long been a pioneer in blockchain and cryptocurrency innovation. The town of Zug, known as “Crypto Valley,” is home to major projects like Ethereum and hosts hundreds of blockchain startups supported by a progressive regulatory environment.
A study by Lucerne University of Applied Sciences and Arts reveals that 11% of the Swiss population already invests in crypto assets—indicating strong public familiarity and acceptance. This grassroots adoption provides fertile ground for broader institutional integration.
Yet, despite this technological leadership, the Swiss National Bank remains cautious. In a March interview with Tages-Anzeiger, SNB Chairman Martin Schlegel expressed skepticism: “Cryptocurrencies are essentially software—and we know software often has bugs and vulnerabilities.”
While valid, this concern overlooks the fact that Bitcoin’s underlying protocol has operated without major security breaches for over 15 years. Bénaim argues that Bitcoin’s decentralized consensus mechanism and continuous improvements make it one of the most secure information systems ever developed.
Addressing Common Concerns: Volatility, Security, and Liquidity
Critics often cite Bitcoin’s price volatility as a barrier to central bank adoption. However, advocates point out that volatility tends to decrease over time as market maturity increases. Historical data shows that while short-term fluctuations exist, Bitcoin’s long-term trend has been upward—making it a compelling hedge against currency depreciation.
Security is another frequently raised issue. But unlike centralized financial systems vulnerable to cyberattacks or systemic failure, Bitcoin’s distributed ledger is protected by cryptographic proof and global computational power. No single entity controls the network, reducing counterparty risk.
Liquidity is also no longer a limiting factor. Major financial institutions now offer custodial solutions, and regulated exchanges ensure deep markets capable of handling large transactions with minimal slippage.
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Could Switzerland Lead the Way?
If Switzerland were to adopt Bitcoin as part of its reserves, it would send a powerful signal to other central banks worldwide. As a nation renowned for financial prudence and innovation, its endorsement could accelerate global institutional acceptance.
Moreover, adding Bitcoin to reserves wouldn’t mean abandoning gold or foreign currencies. Instead, it would represent a modernization of reserve strategy—an evolution akin to how nations once shifted from commodity-backed money to fiat systems.
As geopolitical tensions and monetary instability persist, forward-thinking nations may find that digital scarcity offers a new kind of financial sovereignty.
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Frequently Asked Questions (FAQ)
Q: Has any country officially adopted Bitcoin as part of its reserves?
A: As of 2025, no sovereign nation has formally included Bitcoin in its central bank reserves. However, El Salvador has recognized Bitcoin as legal tender, and some institutions in developed economies hold it indirectly through investment vehicles.
Q: Is Bitcoin too volatile for central banks to consider?
A: While Bitcoin exhibits higher short-term volatility than traditional assets, its long-term value proposition lies in scarcity and decentralization. Over time, increased adoption and market depth have contributed to stabilizing price movements.
Q: How would holding Bitcoin benefit the Swiss economy?
A: Including Bitcoin in reserves could reduce dependency on foreign fiat currencies, hedge against inflation, and reinforce Switzerland’s position as a leader in financial innovation.
Q: What percentage of reserves do advocates suggest be allocated to Bitcoin?
A: Proponents recommend a modest allocation—between 1% and 2%—of the SNB’s nearly CHF 1 trillion in reserves. This would amount to CHF 10–20 billion and represent a prudent diversification strategy.
Q: Can central banks securely store Bitcoin?
A: Yes. With advanced cold storage solutions, multi-signature wallets, and institutional-grade custody services, central banks can securely manage digital assets similar to how they protect gold or foreign securities.
Q: Does personal ownership of Bitcoin by advocates bias their recommendations?
A: While some advocates do hold Bitcoin, they emphasize that their campaign is rooted in macroeconomic reasoning and national interest—not personal profit motives.
The movement to include Bitcoin in national reserves reflects a broader shift in how societies view money, sovereignty, and technological trust. Whether or not the Swiss National Bank acts on these calls, the conversation itself marks a pivotal moment in the evolution of modern finance.