Cryptocurrency Advocates Urge Swiss Central Bank to Diversify Reserves with Bitcoin

BERN, April 24, 2025 — Advocates for cryptocurrency are intensifying their push for the Swiss National Bank (SNB) to include bitcoin in its reserves as a strategic move to bolster financial stability amidst a fluctuating global economy. This initiative emerges in response to ongoing economic tensions exacerbated by former U.S. President Donald Trump’s trade tariffs, which some believe have weakened traditional fiat currencies like the dollar and euro.

Campaign Background

The call for the SNB to adopt bitcoin comes on the heels of a referendum campaign initiated in December aimed at amending the Swiss constitution. The proposed change would mandate the central bank to hold a portion of its reserves in bitcoin alongside its traditional gold holdings. Campaigners argue that the diversification of reserves is essential in adapting to a shifting economic landscape towards a multipolar world.

Luzius Meisser, a prominent board member of the cryptocurrency brokerage Bitcoin Suisse, stated, “Holding bitcoin makes more sense as the world shifts towards a multipolar order.” He highlighted that with three-quarters of the SNB’s current reserves concentrated in dollars and euros, the integration of bitcoin could insulate the bank from political pressures that often accompany fiat currency valuations.

Supporters’ Arguments

Proponents of this initiative argue that bitcoin offers a hedge against inflation and political instability. "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. He is scheduled to address the SNB’s annual general meeting in Bern to present this viewpoint.

Switzerland has solidified its status as a center for blockchain innovation, famously serving as the birthplace of Ethereum in the region known as "Crypto Valley." A recent study by the Lucerne University of Applied Sciences and Arts revealed that approximately 11% of the Swiss populace has invested in cryptocurrencies, illustrating a growing acceptance within the country.

Challenges Faced by Advocates

Despite the growing support from certain sectors, the SNB remains cautious regarding cryptocurrencies. Concerns over price volatility, liquidity issues, and inherent security risks have led the bank to refrain from holding bitcoin. SNB Chairman Martin Schlegel expressed skepticism, noting, “Cryptocurrencies are essentially software. And we all know that software can often have bugs and other vulnerabilities,” in a March interview with the Swiss newspaper Tages-Anzeiger.

However, proponents like Yves Bennaim, an organizer of the Bitcoin Initiative, counter these arguments by emphasizing the resilience of bitcoin’s technology. He asserted that the underlying framework is one of the most secure IT systems in existence and is subject to continuous improvements.

The Market Perspective

With bitcoin’s market capitalization approaching $2 trillion, advocates argue that it presents a compelling case for the SNB’s reserve portfolio. Bennaim highlighted that the volume of bitcoin trading reaches billions of dollars daily, reinforcing its status as a stable and liquid digital asset. “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,” he suggested, advocating for a measured approach to incorporating digital assets into national reserves.

In conclusion, as the debate over the inclusion of bitcoin in the SNB’s reserves continues, it reflects broader tensions in the global financial system and the evolving perceptions of cryptocurrencies. The outcome of the referendum and the potential shifts in the SNB’s policy could have significant implications for Switzerland’s financial future and its standing in the global economic landscape.

This article has been adapted from reporting by John Revill for Reuters and edited for clarity and structure to meet publication standards.

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