Swiss National Bank Rejects Bitcoin Reserve Push Amid Growing Crypto Pressure
SNB Governor Says Bitcoin Fails to Meet Currency Reserve Standards, Despite Mounting Industry Campaign
The Swiss National Bank (SNB) has firmly rejected a campaign urging it to hold Bitcoin (BTC) as part of its currency reserves, sparking debate within the country’s vibrant crypto community.
During a shareholder meeting in Bern on April 25, SNB Chairman Martin Schlegel stated clearly that “cryptocurrency cannot currently fulfil the requirements for our currency reserves.” The comments arrive amid mounting pressure from Switzerland’s crypto industry to integrate Bitcoin as a hedge against economic instability.
🔍 Why SNB Is Saying “No” to Bitcoin—For Now
Schlegel’s remarks align with his consistent skepticism about Bitcoin’s role in national finance. In early March, he also cited Bitcoin’s volatility, liquidity limitations, and security concerns as key reasons for excluding it from Switzerland’s reserve strategy.
His comments come in response to renewed calls from crypto advocates, including Luzius Meisser, board member at Bitcoin Suisse. Meisser argued that “holding bitcoin makes more sense as the world shifts toward a multipolar order,” especially given the weakening of traditional reserve currencies like the U.S. dollar and euro.
📝 Switzerland’s Bitcoin Reserve Initiative Gains Steam
The push to integrate Bitcoin into Switzerland’s national reserves is not just rhetorical. On December 31, 2024, the Swiss Federal Chancellery launched a formal constitutional initiative to mandate the SNB to hold Bitcoin.
This citizen-led campaign aims to revise Article 99 of the Swiss Constitution, which currently states that part of Switzerland’s currency reserves must be held in gold. The proposed change would append the phrase:
“…and in Bitcoin.”
The initiative must gather 100,000 verified signatures to proceed to a national referendum, a uniquely Swiss democratic process.
🏛️ Who’s Behind the Push for Bitcoin Reserves?
The initiative has been championed by the nonprofit think tank 2B4CH, a key player in Switzerland’s crypto ecosystem. Notably, Giw Zanganeh, vice president of energy and mining at Tether, helped launch the campaign, lending credibility and industry clout to the movement.
Yves Bennaïm, founder of 2B4CH, emphasized the campaign’s pragmatism, stating:
“We’re not saying — go all in with Bitcoin, but if you have nearly 1 trillion francs in reserves, it makes sense to hold 1–2% in an appreciating asset that’s becoming more secure and widely adopted.”
📍Crypto Valley and Switzerland’s Blockchain Momentum
Switzerland, home to the famed “Crypto Valley” in Zug where Ethereum was founded, remains a global hub for blockchain innovation.
Earlier this year, Swiss grocery giant Spar began accepting Bitcoin payments in a local city, showing the increasing mainstream adoption of crypto within the nation.
As of 2024, Crypto Valley surpassed $593 billion in blockchain enterprise valuations, and 17 new crypto unicorns have emerged from the region—an impressive signal of the sector’s ongoing economic and technological relevance.
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