Swiss Bank Rejects Bitcoin Reserve Debate Push
📢 The Swiss National Bank has turned down growing calls to add Bitcoin to its reserves, intensifying the Bitcoin reserve debate in Switzerland’s crypto hub.
📰 Switzerland’s prestigious banking authority has firmly rejected the latest calls to embrace Bitcoin as part of its official currency reserves. The Bitcoin reserve debate has heated up in recent months, but the Swiss National Bank (SNB) remains skeptical, citing concerns over stability, liquidity, and security.
💬 During a shareholder meeting in Bern on April 25, SNB Chairman Martin Schlegel addressed the Bitcoin reserve debate directly, saying that “cryptocurrency cannot currently fulfil the requirements for our currency reserves.” His remarks, reported by Reuters, underscore the bank’s cautious stance despite growing support for Bitcoin from Switzerland’s thriving crypto community.
🛡️ Advocates like Luzius Meisser, a board member of Bitcoin Suisse, have been vocal participants in the Bitcoin reserve debate. Meisser argues that Bitcoin could serve as a hedge amid growing macroeconomic uncertainties, especially given the perceived weakening of the US dollar and euro. He believes Bitcoin’s decentralized nature offers a safer path for national reserves.
📜 The Bitcoin reserve debate also gained formal traction last December when the Swiss Federal Chancellery initiated a proposal aiming to mandate Bitcoin holdings in the SNB’s reserves. This constitutional initiative seeks to amend Article 99 by adding Bitcoin alongside gold, illustrating how deeply the Bitcoin reserve debate has penetrated Swiss financial and political circles.
✍️ In order to force a national referendum on the Bitcoin reserve debate, campaigners must collect 100,000 verified signatures. If successful, the Swiss public would directly vote on whether Bitcoin should become part of the country’s official reserves, potentially marking a historical first for a major global economy.
🏦 Meanwhile, 2B4CH, a nonprofit think tank focused on Bitcoin and blockchain advocacy, is leading the charge in the Bitcoin reserve debate. Backed by figures like Giw Zanganeh from Tether, 2B4CH prepared and submitted the necessary documents for the constitutional amendment, highlighting the increasing overlap between Switzerland’s banking institutions and the crypto sector.
🌍 Meisser and others in the Bitcoin reserve debate stress that Bitcoin offers an antidote to the inflationary risks associated with fiat currencies. “Politicians eventually give in to the temptation of printing money to fund their plans,” Meisser notes, “but Bitcoin cannot be inflated through deficit spending,” reflecting a key argument for Bitcoin’s adoption as a reserve asset.
🔍 Yves Bennaïm, chairman of 2B4CH, added his perspective to the Bitcoin reserve debate by emphasizing diversification. “We are not saying — go all in with Bitcoin,” he said, “but if you have nearly 1 trillion francs in reserves, it makes sense to have 1–2% in an asset that is growing stronger and more desired.”
🏙️ Switzerland’s embrace of blockchain innovation — especially in Zug’s “Crypto Valley” — gives additional weight to the Bitcoin reserve debate. Home to Ethereum’s founding and a host of crypto startups, Crypto Valley surpassed a staggering $593 billion valuation in 2024, demonstrating the country’s influence in the global blockchain ecosystem.
🛒 Broader acceptance of Bitcoin is also happening at the consumer level, which supports the Bitcoin reserve debate indirectly. Earlier this month, global grocery chain Spar introduced Bitcoin-based payment options in a Swiss city, further normalizing cryptocurrency transactions in everyday life.
🦄 Beyond reserve policies, Switzerland’s vibrant crypto scene continues to evolve alongside the Bitcoin reserve debate. The emergence of 17 crypto startup unicorns in the last year alone underscores the dynamic growth of the sector within the nation.
🤖 A related development adjacent to the Bitcoin reserve debate involves the rise of blockchain-powered AI companies. Nous Research, a decentralized AI startup, raised $50 million in a Series A round led by Paradigm, achieving a $1 billion valuation and drawing further attention to the potential intersections between crypto, AI, and traditional finance.
🔗 Nous Research, operating on the Solana blockchain, aims to build open-source AI models using decentralized infrastructure. Although not directly tied to the Bitcoin reserve debate, this innovation underscores the expanding role of blockchain technology within Switzerland’s innovation landscape.
🏛️ Despite strong local momentum, Schlegel’s comments show that the SNB remains reluctant to embrace Bitcoin under the current framework of monetary policy. For now, the Bitcoin reserve debate will continue outside the halls of the Swiss National Bank, as activists and innovators push for a more crypto-inclusive future.
