Swiss Campaigners Urge Central Bank to Diversify Reserves by Holding Bitcoin
Bern, Switzerland – April 24, 2025 – Advocates for cryptocurrencies are intensifying their efforts to persuade the Swiss National Bank (SNB) to incorporate bitcoin into its reserve holdings. Their campaign has gained momentum against the backdrop of global economic uncertainties exacerbated by U.S. policy decisions, particularly tariffs imposed during the Trump administration, which have prompted calls for more resilient financial strategies.
Campaign for Change
The initiative, spearheaded by cryptocurrency supporters, seeks to amend the Swiss constitution in a way that mandates the SNB to hold bitcoin in its reserves alongside traditional assets like gold. Launched in December of last year, this referendum highlights a growing sentiment that the central bank should expand its portfolio amid shifting global economic dynamics.
Luzius Meisser, a prominent campaigner and board member at cryptocurrency broker Bitcoin Suisse, argues that holding bitcoin would not only enhance the SNB’s investment strategy but also shield its reserves from the vagaries of political influence. “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 stated. He is scheduled to address the SNB’s annual general meeting in Bern later this week.
Challenges and Skepticism
Despite the enthusiasm of cryptocurrency advocates, the SNB remains cautious about the incorporation of bitcoin into its reserve strategy, citing inherent volatility, liquidity issues, and potential security risks. Currently, the central bank’s reserves are heavily weighted towards currencies such as the dollar and euro, comprising about three-quarters of its foreign currency holdings.
In a recent interview with Tages-Anzeiger, SNB Chairman Martin Schlegel expressed the bank’s reservations, stating, “Cryptocurrencies are essentially software. And we all know that software can often have bugs and other vulnerabilities.” As of now, the SNB does not possess any bitcoin in its portfolio.
Growing Cryptocurrency Adoption in Switzerland
Switzerland has established itself as a leader in blockchain and cryptocurrency innovation, with many projects originating from what is now known as "Crypto Valley" in Zug, where Ethereum was founded. According to a recent study by the Lucerne University of Applied Sciences and Arts, approximately 11% of the Swiss population has invested in crypto assets, indicating a significant interest in digital currencies.
Yves Bennaim, an organizer with the Bitcoin Initiative, countered the SNB’s apprehensions by asserting the reliability and security of bitcoin’s underlying technology, which is continuously evolving and improving.
A Measured Approach to Investment
While both Meisser and Bennaim acknowledge their personal holdings in bitcoin, they are quick to clarify that their advocacy is not driven by self-interest. Rather, they propose a measured approach where the SNB could allocate a modest 1-2% of its nearly 1 trillion Swiss francs in reserves to bitcoin, an asset they believe is becoming increasingly valuable and desired.
"The global bitcoin market, with a market capitalization nearing $2 trillion, is among the most liquid and stable of digital assets," Bennaim noted, highlighting daily trading volumes that reach into the billions.
Conclusion
As Switzerland navigates its role in a rapidly evolving financial landscape, the call for the SNB to diversify its reserves with bitcoin reflects a broader trend of seeking stability and innovation in an uncertain economic environment. The upcoming referendum will provide a platform for Swiss citizens to express their views on the matter, underscoring the nation’s unique position at the intersection of traditional finance and the burgeoning world of cryptocurrency.
As discussions continue, the future of bitcoin within Swiss monetary policy remains to be seen, but the dialogue is indicative of larger trends at play in global finance.
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