A new initiative is underway in Switzerland to amend the nation’s constitution and require the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves. The proposal, officially registered in Switzerland’s Federal Gazette on December 31, was spearheaded by a group of Bitcoin advocates, including Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the nonprofit think tank 2B4CH.
Collecting Signatures for a Referendum
To trigger a public referendum, the proposal must gather 100,000 signatures from Switzerland’s population of 8.92 million by June 30, 2026. This means only about 1.12% of Swiss residents need to sign the petition for the referendum to proceed.
Yves Bennaïm explained that the timing was critical, stating:
“We were waiting for the right timing. Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures.”
The proposed amendment would modify Article 99 Paragraph 3 of the Swiss Federal Constitution to require the SNB to include both gold and Bitcoin in its monetary reserves. The move is being positioned as a step toward ensuring a “financially sound, sovereign, and responsible Switzerland.”
Swiss Bitcoin Ecosystem and Challenges
Switzerland has already embraced Bitcoin in some regions, notably in Lugano, where the annual “Plan ₿” Bitcoin conference is held. The city, home to about 63,000 residents, has over 260 merchants accepting Bitcoin, according to BTCMaps data.
However, not everyone supports the idea of Bitcoin adoption. SNB Chair Martin Schlegel recently expressed concerns over Bitcoin’s suitability as a payment method and the energy consumption required to secure its network.
Bitcoin Adoption Beyond Switzerland
Switzerland isn’t the only country exploring the potential of Bitcoin reserves. In the United States, Senator Cynthia Lummis has proposed legislation to allow the Treasury to hold Bitcoin. Similarly, policymakers in Brazil and Poland are also considering plans to establish Bitcoin reserves.
Achieving the required 100,000 signatures by the June 2026 deadline will be the first critical step for the proposal. If successful, the Swiss public will have the chance to vote on whether Bitcoin should join gold as a central bank reserve asset, potentially setting a global precedent for other nations.
