A high‑profile push to make the Swiss National Bank (SNB) hold Bitcoin in its reserves is set to lapse after failing to gather enough public support. Organizers behind the “Bitcoin Initiative” say the campaign will end without a vote after they collected only about half of the signatures needed to trigger a national referendum.
What the Swiss Bitcoin Initiative Wanted to Change
The campaign aimed to amend Switzerland’s constitution. It sought to make the SNB hold Bitcoin alongside gold and foreign currency as reserve assets.
Supporters proposed changing Article 99’s wording from “in gold” to “in gold and Bitcoin.” That change would force the central bank to allocate part of its nearly one trillion francs in reserves into BTC.
Supporters said a small Bitcoin stake of 1 to 2 percent of reserves could boost Switzerland’s monetary independence. They argued it could also serve as a long‑term buffer.
They added that Switzerland is already a major “Crypto Valley” hub. By becoming the first nation to require Bitcoin in central bank reserves, Switzerland could strengthen its position in financial innovation.
Swiss law gave the organizers eighteen months to collect at least 100,000 valid citizen signatures, the minimum needed to force a national election. That number, which makes up about 1.1 percent of the population, is frequently a barrier to constitutional reforms.
Why the Campaign Fell Short
With only a few weeks left, organizers admitted they had gathered about 50,000 signatures, roughly half the required total. Campaign founder Yves Bennaïm told Reuters the team always knew it was a “long shot” given the technical topic and limited funding. The group has therefore decided to let the initiative lapse instead of launching an expensive last‑minute push.
The SNB has consistently rejected the idea of holding Bitcoin. Chairman Martin Schlegel has said cryptocurrencies “cannot currently fulfil the requirements for our currency reserves,” citing volatility and liquidity. Officials also argue the existing mix of gold and foreign currency already gives the bank enough tools to manage policy and defend the franc.
Because the initiative will expire, the SNB will not face a binding public vote on Bitcoin reserves. It can keep its policy of holding no BTC.
The result shows how hard it is for crypto advocates to move conservative central banks toward digital assets. This remains true even in a country with one of the world’s most active crypto ecosystems.
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