Everything We Know About The Bitcoin Initiative Pushing Swiss Central Bank To Buy $BTC

The Swiss National Bank (SNB) is being urged to hold part of its reserves in Bitcoin for high returns, and while the non-profit pushing for the initiative scored a win earlier this week, it may be a long journey toward actually getting Switzerland’s central bank to adopt the initiative.

The push comes months after BPI Economics Fellow Matthew Ferranti explained why central banks may consider BTC as a reserve. “To the extent that gold is a reserve asset, so is Bitcoin,” Ferranti wrote.

What is the Initiative All About?

Dubbed the Federal People’s Initiative “For a Financially Strong, Sovereign, and Responsible Switzerland,” the goal is to amend Article 99, paragraph 3 of the constitution to mandate the central bank to allocate part of its reserves to Bitcoin. SNB currently has a mandate of holding reserves in gold.

On Tuesday, the nonprofit organization pushing the initiative forward announced that the project has been published in the Federal Bundesblatt (Gazette), which allows the group to collect 100,000 signatures from Swiss citizens through June 30, 2026.

“In recent years, Bitcoin has become an important geopolitical asset. We believe it will continue to gain strategic importance in years to come. We believe holding Bitcoin will be beneficial for Switzerland, its economy, and its independence,” the initiative’s English website states.

Notably, even if the group secures 100,000 signatures, the initiative still needs to get a majority vote nationwide to officially get recognized.

Meet the Initiative’s Leaders

The nonprofit is led by BTC and blockchain researcher Yves Bennaím, who also founded the Swiss nonprofit think tank 2B4CH, which studies the economic and sociopolitical effects of the world’s largest cryptocurrency by market value and its Proof-of-Work model.

The initiative’s committee also includes leadership expert Reto Clavadetscher, experienced Web3 and decentralized technology lawyer Ronald Kogens, and Bitcoin advocate Jürg Kradolfer.

Aside from legal and business experts, the team also has long-time Bitcoiner Samuel Kullman, who serves on Canton Berne’s Parliament Finance Committee.

Another prominent member of the initiative’s committee is Luzius Meisser, who happens to be a shareholder of SNB and is the co-founder of Bitcoin Association Switzerland.

What Crypto is Saying about the Cause

Crypto users on X have picked up on the development, with many expressing support for the initiative even if they’re not citizens of Switzerland. It even grabbed the attention of prominent crypto figures such as Alex Becker and Kyle Chassé.

On the other hand, there were also others who weren’t sure about how it would impact retail holders of BTC.

“I love the excitement around this, but if nation states and corporations hold all the Bitcoin, how does that help us get to where it is supposed to take us [retailers]?” one concerned user asked.

Another user believes getting the central bank to actually hold reserves in Bitcoin will be a “long way to go,” considering how the SNB will want to play safe in terms of volatility and intrinsic value.

Some were more forward-looking than those who feared the possible impact of a central bank holding BTC reserves. Crypto lawyer Alex Naray noted that the initiative reaching this point was all because of Switzerland’s “direct democracy” which enables its citizens to propose potential changes to the constitution through a “popular initiative.”

Well-followed trader Thomas Kralow said the initiative may give other European nations “the next big push” to also consider a national BTC reserve.