Bitcoin soon in the reserves of the Swiss National Bank?

The idea that a central bank could hold bitcoin may seem like science fiction to some, but in Switzerland, this prospect is gradually becoming a reality. Indeed, the country is considering a modification of its Federal Constitution to allow the Swiss National Bank (SNB) to integrate bitcoin into its reserves, alongside gold. This initiative, led by a group of crypto defenders, reflects a desire to integrate Switzerland into a modern and avant-garde financial dynamic.

Towards a constitutional adoption of bitcoin

On December 31, 2023, the Swiss Federal Chancellery officially registered a proposal which aims to amend Article 99 of the Federal Constitution. This initiative provides for the Swiss National Bank (SNB) to include bitcoin in its monetary reserves, alongside gold. According to the defenders of this idea, this change would represent a decisive step towards strengthened financial sovereignty for Switzerland. Giw Zanganeh, vice president of Tether and one of the instigators of the proposal, said declared on December 31, 2024 on the social network X (formerly Twitter) that this initiative reflects the vision of a “financially sovereign and responsible Switzerland”. Yves Bennaïm, founder of the 2B4CH think tank, also said that the project symbolizes a new era for the Swiss economy.

So that this proposal reaches the referendum stage, promoters must collect 100,000 signatures by June 2026, or approximately 1.12% of the Swiss population estimated at 8.92 million inhabitants. This key step is part of a democratic process which aims to enable in-depth public debate. Yves Bennaïm explained that the conditions are now ripe to bring this initiative to the attention of citizens. “We were waiting for the right timing, and everything is coming together today to submit this idea to public debate,” he said. entrusted. While bitcoin is still perceived by some as a volatile asset, this approach calls into question the integration of cryptos into the strategies of traditional financial institutions. In Switzerland, this initiative could pave the way for a redefinition of the role of monetary reserves and emerging technologies in public finance.

International dynamics and local implications

Swiss institutions are not unanimous on this proposal. The President of the Swiss National Bank (SNB), Martin Schlegel, expressed reservations on the integration of bitcoin. According to him, the use of bitcoin as a means of payment remains problematic, in particular because of the “enormous amount of energy” required to secure the network. These criticisms trigger major concerns about the ecological and energy viability of this project, in a context where sustainability has become a central issue in economic policies.

While Switzerland is considering this approach, other countries are also exploring similar avenues. Indeed, in the United States, a bill could authorize the Treasury to include bitcoin in its national reserves. In Poland and Brazil, discussions are emerging about creating crypto reserves, reflecting growing interest in these assets. In Switzerland, the city of Lugano already stands out as a concrete example of crypto adoption. With over 260 merchants accepting bitcoin, Lugano is demonstrating how this technology can be pragmatically integrated into the local economy, providing a model that could inspire other regions.

However, the challenges of this initiative go far beyond Swiss borders. If Switzerland formalizes the inclusion of bitcoin in its reserves, it could strengthen its image as a pioneer in financial innovation and trigger a wave of similar adoptions in other countries. However, this decision raises the question: can it really stabilize and diversify national financial reserves, or will it introduce volatility likely to weaken economic policies? The debate remains open, but one thing is certain: Switzerland, faithful to its tradition of financial audacity, is on the verge of writing a new page in the history of cryptos.

If successful, this proposal could profoundly transform relations between states and cryptos, which would redefine their place in national economic strategies. Thanks to its commitment to this path, Switzerland would strengthen its status as a world leader in financial innovation and institutional adoption of cryptos. This ambitious project, although still uncertain, is already creating international interest and could inspire other nations to follow its example. As the debate continues, Switzerland, a small country in the heart of Europe, could once again prove that big ideas have no borders.