An effort to convince Switzerland’s central bank to hold Bitcoin as a reserve has fallen short. Despite months of campaigning, supporters didn’t gather enough signatures to trigger a public vote on the issue, as required by Swiss law.
A group pushing for Bitcoin to be included in the country’s official reserves had 18 months to gather 100,000 signatures to propose a change to the constitution. Unfortunately, with the deadline near, the group announced they’ve only collected about half the signatures needed.
Major Setback in Reserve Campaign
Yves Bennaim, the founder of the campaign, told Reuters that it was always an uphill battle and will now be discontinued.
Even though the effort didn’t succeed, he pointed out that it sparked a conversation about the place of this cryptocurrency within the broader financial system. The Swiss National Bank has long been against including cryptocurrencies in its reserves, primarily because these digital assets are too unstable and don’t have enough consistent trading activity to be suitable for managing reserves.
The central bank also emphasizes that its reserves need to be flexible enough to quickly adjust its financial holdings when needed, while still maintaining their long-term worth. While some central banks are looking into digital assets, they’re each taking a different approach.
Last year, the Czech National Bank bought around $1 million in cryptocurrencies and assets related to blockchain technology to gain a better understanding of these new digital markets. However, the European Central Bank (ECB) has taken a more careful approach, emphasizing that any assets held in reserve need to be secure, safe, and easily accessible.
Last month, Taiwanese legislator Dr. Ko Ju-Chun suggested including Bitcoin as part of Taiwan’s national savings. He brought up this idea during a government meeting, pointing out that Taiwan currently depends heavily on US dollar reserves. He believes Bitcoin could be a good way to protect the country’s wealth, even though the central bank has previously worried about Bitcoin’s price swings and how to securely store it.
Zooming Out
Bitcoin’s price has been fluctuating recently, sparking discussions about how much Bitcoin is being held in reserves. After a brief rise to recent highs, the price has fallen below $80,000 and is now more than 36% lower than its peak from last year.
Adding to concerns in the financial markets, rising geopolitical tensions emerged after reports surfaced – some conflicting – about an alleged Iranian attack on a U.S. Navy ship in the Strait of Hormuz.
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2026-05-08 20:09