Swiss Bitcoin Reserve Proposal Fails to Gain Support After Signature Shortfall

A campaign aimed at requiring Switzerland’s central bank to hold Bitcoin as part of its national reserves is expected to end after organizers failed to gather enough public support to trigger a national referendum.

Swiss Bitcoin Reserve Campaign Falls Short

The initiative sought to amend Switzerland’s constitution and require the Swiss National Bank (SNB) to include Bitcoin alongside gold and foreign currency reserves. Under Swiss law, supporters needed to collect 100,000 valid signatures to move the proposal to a public vote.

However, organizers reportedly secured only around half the required number, making it unlikely the campaign will proceed further.

Swiss National Bank Opposes Bitcoin Holdings

The SNB has consistently rejected the idea of adding cryptocurrencies to its reserves, citing concerns about volatility, liquidity, and long-term reserve management standards.

Supporters of the proposal argued that Bitcoin could help Switzerland diversify its holdings, which remain heavily tied to the US dollar and euro.

Countries Taking Different Approaches to Bitcoin Reserves

While sovereign Bitcoin adoption remains limited, some countries have experimented with reserve strategies. El Salvador became the first nation to adopt Bitcoin as part of government reserves in 2021 and currently holds thousands of BTC.

Bhutan also built a significant Bitcoin treasury through state-backed mining operations powered by hydroelectric energy. Meanwhile, countries such as the United States, China, and the United Kingdom mainly acquired Bitcoin through asset seizures linked to criminal investigations.

In 2025, the United States established a Strategic Bitcoin Reserve backed by government-held Bitcoin obtained through forfeiture cases.