BERN, Switzerland — Amid growing global economic uncertainty, cryptocurrency advocates are intensifying their push for the Swiss National Bank (SNB) to include bitcoin in its official reserves, arguing that recent economic volatility triggered by President Donald Trump’s tariff policies makes diversification more crucial than ever.
The movement gained formal momentum in December when supporters launched a referendum campaign aimed at amending the Swiss constitution to mandate that the central bank hold bitcoin alongside its traditional gold reserves.
“Holding bitcoin makes more sense as the world shifts towards a multipolar order, where the dollar and the euro are weakening,” said Luzius Meisser, a board member of cryptocurrency broker Bitcoin Suisse, who is scheduled to address the SNB’s annual general meeting in Bern tomorrow.
Breaking Away from Political Influence
Proponents argue that bitcoin’s decentralized nature offers the SNB an opportunity to insulate a portion of its reserves from geopolitical pressures and monetary policy decisions of other nations. Currently, approximately three-quarters of Switzerland’s foreign currency holdings are denominated in dollars and euros.
“Politicians eventually give in to the temptation of printing money to fund their plans, but bitcoin is a currency that cannot be inflated through deficit spending,” Meisser explained, highlighting bitcoin’s fixed supply cap of 21 million coins as a hedge against inflation and currency devaluation.
The proposal comes at a time when Trump’s tariff policies have sent ripples through global markets, causing increased volatility in traditional reserve currencies and reigniting debates about the future of the international monetary system. Cryptocurrency advocates see this economic turmoil as further validation of bitcoin’s potential role as a stabilizing reserve asset.
Switzerland’s Emerging Crypto Hub Status
The campaign reflects Switzerland’s growing prominence in the blockchain and cryptocurrency ecosystem. The Alpine nation has established itself as a leading hub for digital finance innovation, with the town of Zug—nicknamed “Crypto Valley”—hosting groundbreaking projects including Ethereum, one of the world’s largest cryptocurrency platforms.
This favorable environment for crypto development has fostered widespread adoption among the Swiss population. According to research from the Lucerne University of Applied Sciences and Arts, approximately 11% of Swiss citizens have already invested in cryptocurrency assets—a penetration rate significantly higher than many other developed economies.
“Switzerland has embraced innovation in the blockchain space for years, making it a natural step to consider bitcoin for our national reserves,” said Yves Bennaim, an organizer of the Bitcoin Initiative. “This isn’t radical thinking—it’s forward-looking monetary policy.”
SNB’s Skeptical Stance
Despite growing pressure, the Swiss National Bank remains cautious about embracing cryptocurrencies as part of its official reserves. The central bank has expressed concerns about bitcoin’s price volatility, liquidity limitations, and potential security vulnerabilities.
“Cryptocurrencies are essentially software. And we all know that software can often have bugs and other vulnerabilities,” SNB Chairman Martin Schlegel told Swiss newspaper Tages-Anzeiger in a March interview, signaling the institution’s continued reluctance to dive into digital assets.
The SNB currently holds no bitcoin in its reserves, which totaled nearly 1 trillion Swiss francs at the end of 2024, according to official figures. Its conservative approach stands in contrast to some other central banks and sovereign wealth funds that have cautiously begun exploring cryptocurrency investments in recent years.
Market Maturity Arguments
Bitcoin advocates counter the SNB’s concerns by pointing to the cryptocurrency’s growing market capitalization, which now approaches $2 trillion, making it the dominant player in the digital asset space. They argue that bitcoin’s market has matured significantly over the past decade, with daily trading volumes regularly exceeding billions of dollars.
“With a market cap of nearly $2 trillion, the global bitcoin market is the most liquid and stable among digital assets,” Bennaim emphasized. “We are not saying—go all in with bitcoin, but if you have nearly 1 trillion francs in reserves, like the SNB does, then it makes sense to have 1-2% of that in an asset that is increasing in value, becoming more secure, and that everyone wants to own.“
This measured approach—suggesting an allocation of just 1-2% of reserves—appears designed to address the central bank’s risk concerns while still allowing Switzerland to gain exposure to bitcoin’s potential upside. A similar conservative allocation strategy has been adopted by some institutional investors entering the cryptocurrency space.
Also Read: Switzerland proposes a rule to make the national bank hold Bitcoin.
Potential Conflicts of Interest?
Both Bennaim and Meisser acknowledge they personally hold bitcoin investments but insist their advocacy is driven by broader economic principles rather than self-interest. “This isn’t about boosting our personal holdings,” Meisser stated. “It’s about positioning Switzerland advantageously in an evolving global financial landscape.“
Critics may question whether such personal investments create conflicts of interest, but supporters of the initiative point out that transparency about their holdings strengthens rather than undermines their position. They argue that their skin in the game demonstrates genuine belief in bitcoin’s long-term viability as a monetary asset.
The Path Forward
For the constitutional referendum to proceed, organizers must collect 100,000 valid signatures from Swiss citizens within 18 months of launching the initiative. If successful, the proposal would then be put to a nationwide vote, potentially making Switzerland the first major economy to constitutionally mandate cryptocurrency reserves.
The referendum campaign represents a unique aspect of Swiss direct democracy, where citizens can directly propose constitutional amendments. Previous referendums have addressed everything from executive pay limits to basic income proposals, reflecting Switzerland’s tradition of allowing citizens significant input on economic policy.
As Meisser prepares to address the SNB’s annual general meeting on Friday, the debate highlights the growing tension between traditional central banking approaches and emerging financial technologies. With bitcoin’s price having stabilized at higher levels after years of volatility, the conversation around its potential role in central bank reserves has moved from theoretical to practical.
“This isn’t just about embracing new technology,” Bennaim concluded. “It’s about securing Switzerland’s financial sovereignty in an increasingly uncertain world.“
Whether the Swiss National Bank will eventually warm to bitcoin remains uncertain, but the referendum campaign ensures that the debate will continue in public forums across Switzerland, potentially influencing central banks worldwide as they navigate the evolving relationship between traditional finance and digital assets.
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