The constitutional amendment campaign launched in Switzerland to add Bitcoin to the central bank’s official reserves is ending because not enough signatures were collected. The initiative, known as the Bitcoin Initiative, aimed to change Article 99 of the Swiss Constitution to allow the central bank to keep Bitcoin alongside gold in its reserves.
Referendum Didn’t Have a Chance
Under Switzerland’s direct democracy system, campaigners must collect 100,000 valid signatures within 18 months to hold a national referendum. Organizers were short of nearly 50,000 signatures weeks before the deadline and had not even reached half the goal. Thus, the proposal cannot be taken to referendum.
Yves Bennaïm, the founder of the initiative, stated that they would end the campaign by letting it expire instead of making a final move. Bennaïm also stated that they found things difficult throughout the process due to the technical details of the proposal and resource constraints.
Swiss National Bank Distanced from Bitcoin
The Swiss National Bank has long opposed Bitcoin being placed in official reserves. Martin Schlegel, the bank’s president, stated in a statement in April that cryptocurrencies did not yet meet the central bank’s criteria for reserve assets.
The central bank focuses on liquidity, value preservation and monetary policy flexibility in reserve management. The bank’s balance sheet includes gold, foreign currency assets, IMF rights and international payment instruments.
SNB representatives argued that Bitcoin does not comply with current reserve standards due to its volatility and liquidity profile.
Public Support and the Role of the Sector
Bitcoin supporters, on the other hand, argued that Bitcoin would increase financial sovereignty thanks to its fixed supply, global transaction volume and independence from states. The campaign suggested that keeping a small portion of reserves, say 1-2%, in Bitcoin could support diversification.
Although Switzerland is a prominent hub for the crypto industry in Europe, the wider public has been receptive to the change in central bank reserve policy. Management of central bank reserves is based on public confidence, monetary stability and legal regulations.
While the Bitcoin Initiative has created some visibility among crypto supporters and policymakers, it has not found widespread support enough to hold a national referendum. Thus, there was no change in the reserve structure of the central bank.
Similarities in Global Reserve Policies
The failure of the campaign in Switzerland shows that similar discussions continue on a global scale. Many central banks and governments either rejected or did not consider similar proposals, despite the increasing weight of digital assets in the market. In 2025, the United Kingdom officially rejected the offer of Bitcoin for central reserves. South Korea and Japan also made statements not to add Bitcoin to their foreign exchange reserves.
The European Central Bank and Germany continue to view crypto reserve assets coldly; Germany sold its large stock of Bitcoin in 2024 and decided not to keep it in reserves.
In contrast, digital assets have begun to be tested for operational experience, albeit limited, in some countries. For example, the Czech National Bank has implemented very small purchases of crypto and blockchain-based assets. While discussions about the Bitcoin reserve law and legal framework continue in the USA, advocates emphasize the future role of Bitcoin as a national asset.
