A coalition of crypto advocates in Switzerland is campaigning for the Swiss National Bank (SNB) to diversify its foreign reserves by acquiring Bitcoin (BTC), citing concerns about overreliance on traditional currencies and political exposure.

Reuters reported that the campaign was launched in December as a constitutional referendum initiative and aims to legally require the SNB to hold Bitcoin alongside gold as part of its foreign asset portfolio.

Proponents argue that Switzerland should adjust its reserve strategy to reflect a global transition toward multipolarity and reduced dependence on the US dollar and euro.

Luzius Meisser, a board member of Bitcoin Suisse and a central figure in the initiative, said Bitcoin’s monetary policy offers an inflation-resistant alternative to fiat currencies. 

According to Meisser:

“Politicians eventually give in to the temptation of printing money to fund their plans, but Bitcoin is a currency that cannot be inflated through deficit spending.” 

Meisser will speak at the SNB’s annual general meeting in Bern this week to present the initiative’s rationale directly to stakeholders.

The referendum process requires 100,000 verified signatures to proceed to a national vote. It would be the first initiative globally to mandate Bitcoin holdings by a central bank through constitutional reform.

The move comes amid sovereign wealth funds accumulating Bitcoin in April, as John D’Agostino, Coinbase’s head of institutional sales, reported.

 Switzerland’s crypto adoption

Supporters of the referendum argue that allocating a modest portion of the SNB’s nearly $1 trillion Swiss franc reserve portfolio into Bitcoin, specifically 1% to 2%, would protect against monetary debasement without exposing the bank to outsized volatility. 

Meisser and others argue that SNB’s current foreign currency holdings, consisting of 75% of US dollars and euros, expose Switzerland to foreign political dynamics and devaluation risks driven by expansionary fiscal policies abroad.

They also argue such a move would align with Switzerland’s broader positioning as a hub for blockchain technology.

Switzerland hosts “Crypto Valley” in Zug, a zone dedicated to crypto industries. Moreover, the country ranked 55th out of 151 countries in the crypto index provided by Chainalysis’ latest “Geography of Crypto Report.” 

Yves Bennaim, another proponent of the initiative and a member of the Bitcoin Initiative group, countered concerns over security and liquidity. 

He described Bitcoin’s underlying technology as among the most secure and resilient digital systems ever created, supported by a $2 trillion market capitalization and daily trading volumes in the billions.

Bennaim added:

“The global Bitcoin market is the most liquid and established among digital assets. We are not saying go all in with Bitcoin, but a small allocation can hedge against monetary and geopolitical risks.”

SNB voices caution amid campaign momentum

Despite the campaign’s momentum, the Swiss National Bank has remained skeptical toward crypto. 

In March, SNB Chairman Martin Schlegel reiterated the institution’s reservations, citing Bitcoin’s high volatility, limited liquidity in crisis scenarios, and technical vulnerabilities as factors that currently preclude its inclusion in official reserves.

He stated:

“Cryptocurrencies are essentially software. And we all know that software can often have bugs and other vulnerabilities.”

Schlegel kept his reservations even after Switzerland’s Federal Chancellery approved submitting a constitutional amendment proposal in December requiring the SNB to hold part of its reserves in Bitcoin.

Mentioned in this article

Two Democratic legislators have requested the U.S. Securities and Exchange Commission (SEC) to preserve and disclose records related to World Liberty Financial (WLFI).

In an April 2 letter, Senator Elizabeth Warren and Representative Maxine Waters raised concerns about potential conflicts of interest arising from the Trump family’s involvement in the project.

Concerns Over Trump Family’s Influence

The lawmakers specifically questioned whether the family’s financial ties to WLFI might influence the SEC’s activities under acting Chair Mark Uyeda. The letter states that the inquiry seeks to determine “whether this conflict of interest may be interfering with its mission to protect investors and maintain fair and orderly markets.”

Last month, World Liberty Financial reported over $500 million in exempt securities sales of its governance token, WLFI. According to the document, the president’s family holds a 75% claim on net revenues from token sales and 60% from the project’s operations, currently entitling them to about $400 million in fees.

Warren and Waters called the Trumps’ stake in WLFI “an unprecedented conflict of interest” that could influence the government’s oversight of the crypto industry. They further argued it gives them “an obvious incentive” to direct federal agencies, including the SEC, toward crypto policies benefiting the president’s family.

SEC’s Decision on Sun’s Case

The letter also scrutinized the regulator’s February decision to pause its case against Justin Sun, who has invested $75 million into WLFI. The two politicians asked the agency to preserve “all internal memoranda justifying the initial enforcement decision,” including records of meetings and communications between its officials and representatives of Sun or the Trump family.

Additionally, they requested that the financial watchdog maintain records of “communications, suggestions, or directives” from the White House or the Trump family regarding WLFI or Sun’s case.

They also asked whether it had consulted with ethics officials concerning the Trump family’s crypto investments and requested copies of any policies in place to prevent undue influence from the president’s kin.

According to the document, the American people have a right to know if financial markets are regulated fairly or if decisions are being made to serve personal interests.

The inquiry follows an April 2 House Financial Services Committee session on stablecoin regulation. The government has stated its intent to prioritize stablecoin regulation and integration.

During the session, Waters opposed the bill unless it included provisions preventing Trump or his affiliates from owning a stablecoin issuer, arguing that it “sets a dangerous precedent benefiting the president and his insiders.” Her comments followed WLFI’s March 25 announcement of its plan to launch USD1, a U.S. dollar-pegged stablecoin.