Swiss push to force the central bank to hold Bitcoin falls short — but the campaign isn’t over
A citizen-driven effort to force the Swiss National Bank (SNB) to add Bitcoin to its reserves failed to reach the signatures needed for a national referendum — but campaign founder Yves Bennaim says another attempt could be coming.
What happened
- Bennaim’s group sought to trigger a constitutional referendum requiring the SNB to hold Bitcoin alongside gold and foreign currencies. Under Switzerland’s direct-democracy rules, initiatives must gather 100,000 valid signatures within 18 months. The campaign fell short of that threshold.
- Supporters argued the move would reduce Switzerland’s dependence on the US dollar and the euro, with Bennaim casting Bitcoin as an independent alternative that fits Switzerland’s tradition of neutrality.
Arguments on both sides
- Proponents pushed back on common criticisms about liquidity, pointing out the billions that flow daily through international crypto exchanges as evidence that sizable holdings could be traded.
- The SNB remained unconvinced. European central bankers — including policymakers at the European Central Bank — stress that reserve assets must be liquid, secure and stable, and they have expressed reservations about adding volatile digital assets to official reserve portfolios.
Market and policy context
- Bitcoin’s recent price action hasn’t bolstered the campaign’s case: the token is down roughly 7% so far this year after a record high of about $126,000 in October 2025.
- Reuters and other outlets note the failed Swiss push mirrors a broader divide across Europe. Some central banks and regulators are experimenting with blockchain systems and tokenization, while others remain worried about price swings, custody safety and the practical challenge of selling very large crypto positions without disrupting markets.
A broader goal — and future plans
- Bennaim’s team framed the initiative not just as a bid for Bitcoin on the balance sheet, but as a call for Swiss authorities to take seriously the technologies reshaping finance. They left the door open to another campaign in the future.
Swiss finance keeps moving on crypto
- The campaign’s collapse hasn’t stalled crypto developments in Switzerland’s financial sector. AMINA Bank recently became the first institution registered with FINMA to offer custody and trading services for Canton Coin, opening institutional access to the Canton Network — a platform built for tokenization, collateral management and settlement.
- The Canton Network counts major backers including Goldman Sachs, Visa, Citadel and the Depository Trust & Clearing Corporation, underscoring that while central banks debate, parts of the private financial sector are pushing ahead with tokenized infrastructure.
Bottom line
Switzerland’s referendum push shows how contentious the question of crypto in official reserves has become: strong public advocacy and private-sector innovation are gaining ground, but central banks and policymakers still demand proven liquidity, security and stability before embracing digital assets on their balance sheets.
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