Swiss Legislator Fights for Bitcoin to Be Included in Constitution

• Switzerland’s “Bitcoin Initiative” proposes amending its Constitution to require the Swiss National Bank to hold Bitcoin alongside traditional reserves like gold.
• While advocates see the move as groundbreaking for financial independence, critics warn of Bitcoin’s volatility and potential economic risks.

Switzerland is taking a bold step in its financial evolution with a proposed amendment to include Bitcoin as part of the Swiss National Bank’s reserves. The formal submission of the “Bitcoin Initiative” on December 5, 2024, marks the start of a potentially groundbreaking shift in monetary policy.  

Swiss legislator Samuel Kullmann is pushing for a referendum plan to include Bitcoin in the Swiss Constitution. The plan needs to collect 100,000 signatures within 18 months to prompt the state parliaments to vote on the inclusion of Bitcoin in the constitution. The proposal has…

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The proposal seeks to amend Article 99 of the Swiss Constitution, requiring the central bank to hold Bitcoin alongside traditional reserves like gold. Advocates claim that Bitcoin’s decentralized and deflationary qualities could boost Switzerland’s financial independence and resilience in an uncertain global economy.  

Swiss Initiative Passes First Hurdle—Referendum Ahead?

The Swiss Federal Chancellery has approved the initiative, confirming that all legal requirements have been met, including the necessary collection of valid signatures. Federal Chancellor Viktor Rossi commented on the development:  

The initiative has been verified as adhering to the constitutional and legal framework for a federal popular initiative.

However, approval doesn’t guarantee immediate change. The initiative must pass further scrutiny from the Federal Assembly. If it clears that hurdle and receives enough certified signatures, it will move to a nationwide referendum, letting Swiss citizens decide the fate of this historic amendment.  

Leading the charge are ten prominent individuals, including Luzius Meisser and Giw Zanganeh, who argue the proposal could reinforce Switzerland’s tradition of financial innovation. They see it as a logical step for a country often called the “crypto valley” due to its progressive stance on digital assets.  

On the other side, critics caution against tying central bank reserves to Bitcoin. They point to its volatility, warning that it could destabilize the Swiss financial system, known for its hallmark stability. Traditional financial institutions and regulators are among the loudest voices of concern, highlighting potential risks like unpredictable market swings and regulatory uncertainty.  

From Idea to Action

If successful, the amendment would mark Switzerland as a pioneer, making it one of the first countries to enshrine cryptocurrency in its monetary policy. Advocates emphasize the importance of this move for financial independence, arguing that integrating Bitcoin aligns with Switzerland’s principles of self-determination and economic security.  

Achieving the required 100,000 signatures is a critical next step. Grassroots campaigns and local Bitcoin meetups are in full swing to generate momentum. Online advocacy has also taken off, with the crypto community rallying behind the proposal as a transformative moment for decentralized finance.  

If passed, this measure could redefine how central banks worldwide approach digital assets. It would also cement Switzerland’s reputation as a leader in financial innovation. Supporters envision the initiative as a benchmark for other nations, while skeptics brace for potential fallout.