Swiss Central Bank Bitcoin Reserve Referendum Drive Falls Short on Signatures

The “Bitcoin Initiative” began collecting signatures on December 31, 2024, seeking to amend Article 99, Paragraph 3 of the Swiss Federal Constitution to require the Swiss National Bank (SNB) to hold bitcoin alongside gold and foreign currencies. It did not specify an allocation amount or ratio. The proposal raised broader questions about whether sovereign reserves should include crypto assets and how central banks assess liquidity, stability and monetary-policy risks.

Organizer Yves Bennaïm said on May 8, 2026, that the initiative would be allowed to lapse. The campaign secured only about 50,000 valid signatures, roughly half the 100,000 needed to trigger a nationwide referendum, and could not meet the June 30, 2026, deadline. The SNB remains opposed to the proposal, saying bitcoin is too volatile and insufficiently liquid to meet the requirement that reserve assets be readily tradable at all times.