Swiss Bitcoin Reserve Campaign Fails to Secure 100,000 Signatures

Switzerland’s campaign to require the Swiss National Bank to hold Bitcoin as part of its official reserves is set to lapse after organisers failed to collect enough signatures for a national referendum.

The campaign, known as the Bitcoin Initiative, sought to amend Article 99 of the Swiss Constitution so that the Swiss National Bank would hold Bitcoin alongside gold as part of its monetary reserves. Supporters argued that Bitcoin could strengthen Swiss financial sovereignty and give the country a politically neutral reserve asset outside the traditional dollar and euro system.

Under Switzerland’s federal popular initiative process, campaigners needed 100,000 valid signatures within 18 months to move the proposal toward a national vote. Organizers collected about 50,000 signatures, roughly half the required total, with only a few weeks left before the deadline.

Founder Yves Bennaïm said the campaign would be allowed to lapse rather than pursue a final push. He said supporters had always viewed the effort as difficult because of the technical nature of the proposal and limited resources.

SNB Keeps Bitcoin Outside Reserve Policy

The Swiss National Bank has repeatedly rejected the idea of adding Bitcoin to official reserves. SNB Chair Martin Schlegel said in April that cryptocurrencies do not currently meet the central bank’s requirements for reserve assets.

The SNB manages reserves with a focus on liquidity, value preservation and monetary policy flexibility. Its balance sheet includes gold, foreign currency assets, its International Monetary Fund reserve position and international payment instruments.

Central banks usually require reserve assets that can be bought and sold at large scale during periods of market stress. The SNB has argued that Bitcoin’s volatility and liquidity profile make it unsuitable for that role under current reserve standards.

Bitcoin supporters challenged that view by pointing to Bitcoin’s fixed supply, global trading activity and independence from any single state. They said a limited allocation, such as 1% to 2% of reserves, could support diversification without replacing the SNB’s existing asset base.

Signature Shortfall Limits Next Step

The failure to reach 100,000 signatures means the proposal will not move to a national vote. Switzerland’s direct-democracy system gives citizens a formal path to propose constitutional changes, but the threshold often prevents smaller campaigns from advancing.

The Bitcoin Initiative gained visibility among crypto supporters and policy watchers, but it did not attract enough public backing to force a binding referendum. The result leaves the SNB’s reserve framework unchanged.

The campaign’s outcome also shows the gap between Switzerland’s crypto industry and national monetary policy. Switzerland remains one of Europe’s most active digital asset hubs, with Zug’s “Crypto Valley” hosting blockchain firms, foundations and financial technology companies.

However, support for blockchain businesses does not automatically translate into voter support for changing central bank reserve rules. Reserve policy remains tied to public trust, monetary stability and the SNB’s legal mandate.

Global Bitcoin Reserve Debate Continues

The Swiss campaign’s failure does not end wider debate over Bitcoin reserves. Several governments and central banks have reviewed or rejected similar ideas as digital assets become larger parts of global financial markets.

The United Kingdom formally rejected a Bitcoin reserve proposal in 2025, saying it was not suitable for the British market. South Korea’s central bank has said it has not reviewed adding Bitcoin to foreign exchange reserves, citing volatility concerns. Japan has also declined national Bitcoin reserve proposals.

The European Central Bank remains skeptical of crypto reserve assets, saying reserve holdings must be liquid, safe, and secure. Germany also chose not to keep seized Bitcoin as a reserve asset after selling a large stockpile in 2024.

At the same time, some institutions have tested digital assets on a limited basis. According to reports, the Czech National Bank bought a small amount of cryptocurrency and blockchain-based assets to gain operational experience.

In the United States, debate continues over the BITCOIN Act and the legal structure of a federal Bitcoin reserve. Supporters argue that Bitcoin could serve as a long-term national asset, while critics point to volatility, custody risks, and limits on government financial flexibility.