FameEX Hot Topics | Bitcoin Enthusiasts Advocate Constitutional Change for Swiss National Bank's Bitcoin Acquisition

In a groundbreaking move toward the integration of digital currencies into mainstream financial systems, Yves Bennaïm, the founder and chair of the Swiss pro-Bitcoin think tank 2B4CH, is leading an initiative to amend Switzerland's constitution. This proposed amendment aims to allow the Swiss National Bank (SNB) to include Bitcoin in its reserve assets, signaling a significant shift in the national financial strategy. The initiative has garnered support from influential figures such as Luzius Meisser, President of Bitcoin Suisse, who is a vocal advocate for Bitcoin's inclusion in Switzerland's financial reserves.

This initiative stems from a growing consensus on Bitcoin's potential as a stabilizing force against geopolitical and economic uncertainties. Bennaïm and his supporters are advocating for a constitutional revision that would permit the SNB to hold a portion of its reserves in Bitcoin, alongside traditional assets like gold. This move is intended to fortify Switzerland's economic sovereignty and maintain its longstanding neutrality in an increasingly unpredictable global financial landscape.

Preparations for this initiative are well underway, with Bennaïm revealing in an interview with NZZ that the necessary documentation is being compiled for submission to the State Chancellery. The proposed amendment would modify the current constitutional requirement that mandates the holding of a part of the SNB's reserves in gold, to additionally include Bitcoin.

Historically, the Swiss banking sector has seen proposals pushing for the diversification of the SNB’s reserves to include digital assets like Bitcoin instead of traditional investments such as German bonds. These earlier suggestions were initially met with resistance from key banking officials, including Thomas Jordan, the Chairman of the SNB’s governing board, who doubted Bitcoin’s suitability as a reserve asset. However, the landscape is changing. The recent approval of Bitcoin ETFs in the United States and Hong Kong has renewed optimism among proponents like Meisser, who believe these developments could sway the SNB's perspective toward a more favorable view of Bitcoin.

Meisser, while acknowledging a promotional aspect to his advocacy, maintains a firm belief in the practicality of Bitcoin as a component of national reserves. He intends to continue promoting this stance at the bank's upcoming general assembly, aiming to influence further support for this innovative approach.

Should this constitutional amendment succeed, Switzerland would position itself as a leader in the global embrace of cryptocurrencies, potentially setting a precedent for other nations to incorporate digital assets into their central banking systems. This strategic move could not only enhance the stability of Switzerland's financial system but also promote broader acceptance and integration of cryptocurrencies in global finance.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.