Campaign to Include Bitcoin in Swiss National Bank Reserves Fails

Crypto activists who sought to compel the Swiss National Bank (SNB) to include Bitcoin in its reserves fell short of the required signatures for a referendum. This was reported by Reuters.

According to the law, 100,000 signatures were needed within 18 months to bring the initiative to a public vote. However, activists managed to gather only about half of the required number with just a few weeks left before the deadline.

“We understood from the start that this was a long shot. For now, we will let the initiative expire, but we have made progress toward our goal,” said campaign founder Yves Bennaim.

The organizers of the Bitcoin Initiative proposed that the central bank be mandated to hold the first cryptocurrency in its reserves alongside gold, dollars, and euros. They argued that this would help diversify risks associated with fiat currencies.

The SNB has repeatedly opposed the idea of holding cryptocurrencies in its reserves. The head of the regulator, Martin Schlegel, pointed to high volatility, insufficient market depth, and the complexity of using digital assets for monetary policy purposes.

Over the past year, Bitcoin's price has dropped by approximately 6.4%, and it has lost about 7.5% since the beginning of the current year. However, with daily transaction volumes in the “tens of billions of dollars,” the asset is not illiquid, Bennaim noted.

According to him, the Bitcoin Initiative was an attempt to encourage the national bank to explore a technology that is transforming global finance.

“Bitcoin is an alternative to the dollar or euro, and like Switzerland, it is internationally neutral,” the crypto activist stated.

First Cryptocurrency in National Reserves

In September 2021, El Salvador became the first country in the world to legalize Bitcoin. To facilitate the exchange of cryptocurrency and dollars, the government initially purchased 550 BTC.

As of this writing, the country has accumulated 7,645 BTC worth approximately $615 million, according to BitcoinTreasures. The fund is periodically topped up with significant amounts, but there is no clarity on how this is done. Under an agreement with the IMF, the government has refrained from purchasing cryptocurrency. Experts from the international organization confirmed that the agreements are being honored.

For several years, Bhutan has been actively building its Bitcoin reserves. The country quietly began supporting the mining of digital gold.

At its peak in October 2024, the kingdom held approximately 13,000 BTC. However, since then, the sovereign wealth fund Druk Holding and Investments liquidated a large portion of its holdings, which now total just 3,220 BTC (Arkham).

In January 2025, the Czech National Bank (CNB) approved a proposal to analyze the potential for investing in additional asset classes, including Bitcoin. The initiative was put forward by CNB head Aleš Michl, who suggested allocating up to 5% of €140 billion in reserves to Bitcoin.

As part of this program, the CNB created a test portfolio worth $1 million in November, which includes the first cryptocurrency, stablecoins, and tokenized deposits.

It is worth noting that in November, the head of the National Bank of Kazakhstan, Timur Suleimenov, announced the creation of a state Bitcoin reserve of up to $1 billion.