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Swiss Central Bank Faces Growing Calls To Hold Bitcoin Reserves

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The Swiss National Bank (SNB) is facing increasing pressure to include Bitcoin (BTC) in its foreign exchange reserves.

If the initiative calls for it “For a Fiscally Strong, Sovereign and Responsible Switzerland (Bitcoin Initiative)” Collect 100,00 signatures within 18 months starting December 31, 2024, and will be put to a public vote.

The Swiss National Bank’s call to hold Bitcoin reserves has been amplified by many stakeholders, including members of Switzerland’s political and financial communities.

After the re-election of Donald Trump, many governments are considering including Bitcoin in their strategic reserves.

Related: Crypto Mayor Unveils Statue of Satoshi Nakamoto in Switzerland. And why did Tether’s CEO shift his base to Lugano?

Saylor says Switzerland is making history

“Switzerland “History is being made,” he said. Michael Saylor, co-founder of MicroStrategy.

“Dedication Initiative Bitcoin It has officially arrived at the Constitution Feuille fédérale and is now under review. He added that a future in which Bitcoin becomes a strategic reserve for Switzerland could soon become a reality.

According to the government, “The National Bank is accumulating sufficient cash reserves from its own profits; Part of these reserves consists of gold and BTC.” A group to ten Individually, Included numerous Swiss Cryptocurrency supporters, This initiative proposed to include BTC in the national reserve.

According to a recent survey conducted by the Lucerne University of Applied Sciences and Arts on behalf of Postfinance, one in nine Swiss citizens invest in cryptocurrencies. However, most of them do it out of curiosity rather than financial reasons.

It also turns out that among people with an annual income of more than 150,000 Swiss francs, the proportion reaches 22%, while only 6% of those with an income of less than 25,000 Swiss francs are interested. Among Generation Z (13%) and Generation Y (18%), the number is much higher than among Baby Boomers (4%).

Related: Tether CEO Paolo Ardoino Hopes for Net Positive from US Election, Says Bitcoin Strategic Reserve is a Great Idea: 99Bitcoins Exclusive

Could Bitcoin be incorporated into the Swiss constitution?

During the Lugano Plan B conference in October 2024, Samuel Coleman, Member of Parliament of the Canton of Bern, Switzerland, spoke about his experience with paper money. “I was born in Leeds, but I grew up in Mongolia,” he said. “In 1991, as a child, I witnessed the hyperinflation that Mongolia experienced after the fall of communism and the transition to a market economy. This is also kind of my first experience with the monetary system.”

In 2017, Coleman was elected to the Swiss Parliament in the canton of Bern. “Since 2021, I have been very vocal about being pro-Bitcoin as a politician. I started the Bitcoin Parliamentary Group. In March 2024, political bills for a Bitcoin strategy were introduced in the Canton, which will be discussed in December this year.

“We want to establish a common relationship in Switzerland through direct democracy to actually introduce Bitcoin into the Swiss constitution,” Coleman stated. “And why I think it’s necessary to get practically involved in politics is because I think Bitcoin adoption is probably one of the most important geopolitical issues of the century.”

In conclusion, what Bitcoin means in politics is that we understand that Bitcoin is a bottom-up strategy. It is decentralization. So it doesn’t really need politics in a sense. But what Bitcoin understands is that for people to become more self-sovereign, to be financially included in the system, we need to reach our ultimate goal of separating money from the state.

Exploration: Is the ECB threatened by Bitcoin? Members of the German and Swiss Parliament weigh in

The post Swiss Central Bank Faces Growing Calls to Hold Bitcoin Reserves appeared first on 99Bitcoins.

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