Switzerland, known for its innovative and prudent approach to finance, is facing a potentially historic turning point. Bitcoin defenders in this Alpine country are once again on a war footing, seeking to integrate this crypto into the national reserves of the Swiss National Bank (SNB). This article explores the nuances of this bold initiative and the implications such a decision could have on Switzerland's financial neutrality and sovereignty.
A movement reiterated with the hope of seeing bitcoin
In October 2021, a first attempt to include Bitcoin as a reserve currency in the Swiss Constitution failed due to lack of sufficient signatures to trigger a referendum.
But ardent supporters of Bitcoin are not to be discouraged. Under the leadership of Yves Bennaïm, founder of 2B4CH, a non-profit think tank, and with the support of influential figures such as Luzius Meisser from Bitcoin Suisse, a new campaign is launched.
Their argument? The adoption of Bitcoin by the SNB would strengthen Switzerland's position of neutrality and independence in the face of fluctuations in major fiat currencies and the influences of foreign central banks, notably that of the euro zone.
The initiative requires the support of more than 100,000 Swiss citizens, a significant challenge given the previous failure. This time, the organizers put forward more supported economic arguments, in particular the hypothetical increase in the national wealth of $32.9 billion if the proposal had been accepted earlier.
Luzius Meisser also highlights the risks of delays in the adoption of Bitcoin, which could force Switzerland to acquire digital assets at a higher cost later, as other central banks integrate this crypto into their reserves.
International perspectives and implications
While Bitcoin supporters are preparing their offensive to convince citizens and BNS officials, the international context could work in their favor.
Recent approvals of Bitcoin-based exchange-traded funds (ETFs) in the United States and Hong Kong demonstrate increasing integration of Bitcoin into traditional financial systems.
This global dynamic could encourage Switzerland to reassess its position, so as not to find itself left behind in the race to diversify and secure national reserves.
The Swiss initiative to make Bitcoin an integral part of national reserves is a reflection of the tensions between tradition and innovation. As debates rage, the outcome of this new attempt could well reveal how far a country is willing to go to protect and strengthen its financial autonomy in a rapidly changing world.
April 26, during the planned meeting with the BNS, could mark a decisive turning point in this bold quest for independence via crypto. Will Switzerland be able to go digital by embracing Bitcoin, or will it prefer to stay anchored to its proven methods? The economic future of the country could well depend on this decision. In the meantime, discover the 3 promising Altcoins of the moment.
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