A Constitutional Amendment to Ensure a "Financially Sound, Sovereign, and Responsible Switzerland"
On December 31st, the Swiss Federal Chancellery set in motion a proposal to constitutionally mandate the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet. This proposal must accumulate 100,000 signatures by June 30th, 2026, to be put to a public referendum.
The Background and Preparation
The idea of a nation-state strategically holding Bitcoin was not as common in October 2021 when the first filing was postponed by the think tank, 2B4CH. Yves Bennaïm, founder and chairman of 2B4CH, and eight other Bitcoin advocates, including Giw Zanganeh, vice president of energy and mining at Tether, had been preparing to submit documents to the Chancellery since at least April.
"We were waiting for the right timing. Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures," Bennaïm told Cointelegraph in an interview.
The Proposal
The Bitcoin proposal was submitted on December 5th and was officially registered in Switzerland’s Federal Gazette on December 31st. It specifically proposes Article 99 Paragraph 3 of the Swiss Federal Constitution to be amended:
"The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin."
Achieving Constitutional Amendment
Achieving this constitutional amendment has been the primary mission of Bennaïm’s 2B4CH. The Bitcoin advocates must now accumulate 100,000 signatures by June 30th, 2026 — around 18 months from now. Switzerland boasts a population of 8.92 million, meaning about 1.12% of locals must sign the petition.
The Current State of Bitcoin Adoption in Switzerland
Switzerland has already seen widespread adoption of Bitcoin, particularly in the Italian-speaking city of Lugano. About 260 merchants accept Bitcoin in the southern city populated with 63,000 residents, according to BTCMaps data.
However, last month, SNB’s Chair Martin Schlegel reportedly expressed concern over Bitcoin’s use as a payment and the "huge amount of energy" used to secure the network.
Global Interest in Establishing a Bitcoin Reserve
The United States is the most notable country considering adopting Bitcoin — but unlike in Switzerland, the Treasury would hold it — should the Senator Cynthia Lummis-sponsored Bitcoin reserve bill pass. Politicians in Brazil and Poland are also considering the idea of establishing a Bitcoin reserve.
Conclusion
Mandating Bitcoin on the SNB’s balance sheet could have significant implications for the country’s financial future. While there are concerns over energy consumption, widespread adoption in Lugano shows that it can be done efficiently. As more countries consider adopting Bitcoin, Switzerland’s proposal serves as an example of how a nation-state can strategically hold this cryptocurrency.
Timeline
- December 5th: The Bitcoin proposal was submitted to the Swiss Federal Chancellery.
- December 31st: The proposal was officially registered in Switzerland’s Federal Gazette.
- June 30th, 2026: The deadline for accumulating 100,000 signatures for a public referendum.
Key Players
- Yves Bennaïm: Founder and chairman of 2B4CH.
- Giw Zanganeh: Vice president of energy and mining at Tether.
- Martin Schlegel: Chair of the Swiss National Bank (SNB).
Sources
- Bitcoin Valais
- BTCMaps data
