Switzerland’s effort to make the central bank hold Bitcoin is ending early after supporters secured only half the signatures.
A campaign pushing the Swiss National Bank to add Bitcoin to its reserves is set to end after supporters failed to collect enough signatures for a referendum under Switzerland’s constitutional rules despite months of outreach and public campaigning efforts.
Campaigners were given 18 months to collect 100,000 valid signatures to propose a constitutional amendment that would have obligated the central bank to hold Bitcoin alongside gold and foreign currency reserves. However, with the deadline approaching, the Bitcoin Initiative said it had secured only around half the required number.
Major Setback in Reserve Campaign
In a statement to Reuters, campaign founder Yves Bennaim acknowledged the effort faced difficult odds from the beginning and said the initiative would now be allowed to expire.
Despite the setback, he noted that the campaign had helped advance discussion around the cryptocurrency’s role in the financial system. The SNB has consistently opposed the idea of holding cryptocurrencies in its reserves, with its main point of contention being that digital assets remain too volatile and lack the market liquidity needed for reserve management.
The central bank has also maintained that reserve assets must allow it to quickly expand or reduce its balance sheet when necessary while preserving long-term value. Although some central banks have explored exposure to digital assets, approaches vary widely.
The Czech National Bank, for instance, purchased about $1 million worth of cryptocurrency and blockchain-related assets last year as part of efforts to better understand digital markets. The European Central Bank (ECB), on the other hand, has remained cautious and stressed that reserve assets must remain secure, safe, and liquid.
Last month, Taiwanese lawmaker Dr. Ko Ju-Chun proposed adding Bitcoin to the country’s national reserves during a Legislative Yuan session attended by senior officials. The proposal cited concerns over Taiwan’s heavy reliance on US dollar reserves and suggested Bitcoin could serve as a strategic hedge despite the central bank’s earlier concerns about volatility and custody risks.
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Zooming Out
The debate around Bitcoin reserves comes as the market continues to face volatility. BTC recently dropped below $80,000 after briefly reaching fresh multi-month highs earlier this week. The asset is now down more than 36% from its all-time high recorded last year.
Meanwhile, geopolitical tensions added to market caution following conflicting reports claiming Iran had attacked a US Navy vessel in the Strait of Hormuz.
