FameEX Hot Topics | Bitcoin Advocates Push for Constitutional Reform Allowing Swiss National Bank to Buy Bitcoin

In a significant move toward embracing digital currencies, Yves Bennaïm, founder and chair of the Swiss pro-Bitcoin think tank 2B4CH, is spearheading an initiative to amend Switzerland's constitution. This amendment would enable the Swiss National Bank (SNB) to incorporate Bitcoin into its reserve assets. The initiative is gaining traction with support from notable figures like Luzius Meisser, President of Bitcoin Suisse, who advocates for the inclusion of Bitcoin in the nation's financial reserves.

The push to categorize Bitcoin as a reserve asset comes from a growing belief in its potential to act as a hedge against geopolitical conflicts and economic uncertainties. Bennaïm and his supporters propose a constitutional change that would alter how the SNB manages its reserves, specifically allowing it to hold portions of these reserves in Bitcoin in addition to gold. This proposal reflects a strategic move to safeguard Switzerland's economic sovereignty and uphold its historic neutrality amidst global financial volatility.

The groundwork for this proposal is already underway, with Bennaïm confirming in an interview with NZZ that they are preparing necessary documents for submission to the State Chancellery. The envisioned amendment would adjust the existing constitutional stipulation regarding currency reserves. Currently, the constitution mandates that a portion of these reserves be maintained in gold; the change would expand this to include Bitcoin as well.

The initiative is not without precedent within Switzerland's banking community. Last year, similar suggestions were made to the SNB about diversifying its reserves with Bitcoin instead of traditional assets like German bonds. However, these were initially dismissed by Thomas Jordan, Chairman of the SNB's governing board, who expressed skepticism about Bitcoin meeting the stringent criteria required for reserve assets. Despite this, proponents like Meisser are optimistic, particularly in light of recent developments like the approval of Bitcoin ETFs in the United States and Hong Kong, which they believe could positively influence the SNB's stance.

Meisser has openly stated that while his advocacy for Bitcoin as a reserve asset does have a promotional element, his belief in its viability is genuine. He plans to continue promoting this view at the upcoming general assembly of the bank, hoping to sway more opinions in favor of this innovative financial strategy. With the amendment, Switzerland could become a pioneering nation in integrating cryptocurrency into its central banking system, potentially setting a precedent for other countries to follow.

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