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Bitcoin: Swiss referendum for the adoption of BTC by the central bank

Mon 22 Apr 2024 ▪ 4 min of reading ▪ by Evans S.
Event

Switzerland, known for its innovative and cautious approach to finance, is facing a potentially historic turning point. Bitcoin advocates in this Alpine country are once again mobilizing, seeking to integrate this cryptocurrency into the national reserves of the Swiss National Bank (SNB). This article explores the nuances of this bold initiative and the implications such a decision could have on Switzerland’s financial neutrality and sovereignty.

Bitcoin Suisse

A Reiterated Movement with Hopes to See Bitcoin

In October 2021, a first attempt to enshrine Bitcoin as a reserve currency in the Swiss Constitution failed due to an insufficient number of signatures to trigger a referendum. 

But Bitcoin’s ardent supporters are not discouraged. Under the leadership of Yves Bennaïm, founder of 2B4CH, a non-profit think tank, and with the support of influential figures such as Luzius Meisser of Bitcoin Suisse, a new campaign is launched.

Their argument? The adoption of Bitcoin by the SNB would strengthen Switzerland’s position of neutrality and independence in the face of fluctuations of major fiat currencies and influences from foreign central banks, particularly that of the eurozone.

The initiative requires the support of more than 100,000 Swiss citizens, a significant challenge given the previous failure. This time, organizers present more compelling economic arguments, including the hypothetical increase in national wealth by $32.9 billion had the proposal been accepted earlier.

Luzius Meisser also highlights the risks of delay in adopting Bitcoin, which could force Switzerland to acquire digital assets at a higher cost later on, as other central banks incorporate this crypto into their reserves.

International Outlook and Implications

As Bitcoin advocates prepare their offensive to convince citizens and SNB officials, the international context could work in their favor.

Recent approvals of Bitcoin-based exchange-traded funds (ETFs) in the United States and Hong Kong are evidence of Bitcoin’s growing integration into traditional financial systems. 

This global momentum could encourage Switzerland to reassess its position, so as not to fall behind in the race to diversify and secure national reserves.

The Swiss initiative to make Bitcoin an integral part of the national reserves reflects the tensions between tradition and innovation. As debates rage on, the outcome of this new attempt may well reveal just how far a country is willing to go to protect and strengthen its financial autonomy in a rapidly changing world. 

The April 26th meeting with the SNB could mark a decisive turning point in this bold quest for independence through crypto. Will Switzerland take the digital leap by embracing Bitcoin, or will it prefer to stay anchored in its established methods? The economic future of the country could well depend on this decision. In the meantime, discover the 3 most promising Altcoins of the moment.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.