Bitcoin Advocates Push for Swiss National Bank to Include BTC in Reserves

April 23, 2024
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In a bold move that could redefine Switzerland’s financial landscape, Bitcoin advocates are urging the Swiss National Bank (SNB) to incorporate Bitcoin into its balance sheet. This campaign, led by prominent figures within the Swiss Bitcoin community, aims to bolster Switzerland’s economic independence and neutrality, distancing it from the European Central Bank’s influence.

The Advocacy Campaign

The campaign, revitalized by the Bitcoin Association Switzerland, is set to present its proposal to an SNB committee on April 26. Spearheaded by Yves Bennaïm, a board member of the association, and Luzius Meisser, president of asset management at Bitcoin Suisse, the group plans to submit a detailed proposal to Switzerland’s State Chancellery. This step is crucial for initiating formal discussions regarding the inclusion of Bitcoin in the SNB’s reserves.

According to Luzius Meisser, integrating Bitcoin into the SNB’s financial strategy would not only affirm Switzerland’s sovereignty but also strengthen its long-standing policy of neutrality. This move is seen as a strategic decoupling from the European Central Bank, potentially setting a precedent for financial independence in the digital age.

Historical Context and Previous Efforts

This is not the first time such a proposal has been made. Back in 2022, an advocacy group suggested that the SNB should diversify its reserves by purchasing Bitcoin worth one billion Swiss francs monthly, instead of investing in German government bonds. This earlier initiative laid the groundwork for the current campaign, highlighting a sustained interest in integrating cryptocurrency into national financial strategies.

Looking Ahead

The upcoming meeting and the proposal’s submission represent critical steps toward potentially integrating Bitcoin into the SNB’s reserve assets. This development is particularly significant given Switzerland’s role as a global financial hub and its historically progressive stance on cryptocurrency regulations and blockchain technology.

As the situation unfolds, the implications for Switzerland’s financial policies and its position in the global economic landscape could be profound. The decision by the SNB could serve as a bellwether for other nations considering similar integration of digital currencies into their monetary systems.

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