Switzerland is known for its direct democracy, where citizens play an active role in the decision-making process. Referendums are an important tool for achieving this, and are regularly used to vote on bills and other issues.
Swiss Bitcoin users want to start a referendum to convince the central bank to hold Bitcoin. In order to hold this referendum, they need 100,000 signatures. Its population is 8.77 million people, or 1.15% of the population.
Bitcoin keeps Switzerland neutral and independent
Adding bitcoin to the Swiss central bank's reserves would help protect the country's “sovereignty and neutrality” in an increasingly uncertain world, says Yves Benem, founder and chairman of 2B4CH. 2B4CH is a non-profit think tank leading this initiative.
“We are finalizing the organizational preparations for the committee and drawing up the documents that we have to submit to the State Chancellery to start the process,” Ben Naim told Swiss news channel Neue Zürcher Zeitung (NZZ) on April 20.
“By including bitcoin in its reserves, Switzerland will celebrate its independence from the European Central Bank. Such a move would strengthen our neutrality,” said Lucius Meiser, head of bitcoin-focused trading platform Bitcoin Suisse.
1 billion francs per month
At a meeting on April 26, Messer will try to convince the Swiss National Bank (SNB) of the benefits of adding Bitcoin to its balance sheet. He is given three minutes to deliver his speech.
In March 2022, Messer had already tried to convince the Swiss National Bank to buy CHF1 billion worth of Bitcoin every month as an alternative to German government bonds, according to NZZ. However, SNB President Thomas Jordan said in April 2022 that Bitcoin did not meet the requirements to be added as a reserve currency.
Bitcoin and game theory between central banks
Messer now claims that Switzerland would be 30 billion Swiss francs richer if the Swiss National Bank followed through on his proposal in 2022. He adds that by buying Bitcoin later, Switzerland risks other central banks rushing into buying Bitcoin sooner, forcing… Switzerland has to pay “significantly higher prices.”
Leon Corti, head of research at asset manager Digital Asset Solutions, is more optimistic. He hopes that recent approvals of Bitcoin ETFs in the US and Hong Kong will convince the Swiss National Bank to invest in Bitcoin.
