Switzerland rules out Bitcoin: National Bank rejects asset as official reserve

• Swiss National Bank rejects Bitcoin as official reserve
• Proposal aims to include Bitcoin in the Swiss Constitution
• Swiss companies continue to drive cryptocurrency adoption

Bitcoin is unlikely to join Switzerland’s official reserves any time soon, according to Martin Schlegel, president of the Swiss National Bank (SNB). During a shareholders’ meeting held in Bern, Schlegel highlighted that “cryptocurrencies do not currently meet the requirements for foreign exchange reserves”, ruling out, for now, the possibility of adopting the asset in the official portfolio.

Despite resistance from the SNB, several Swiss companies linked to the cryptocurrency sector continue to push for institutional recognition.

The proposal to add Bitcoin as a foreign exchange reserve came about with the support of the non-profit project 2B4CH. The initiative aims to amend the third paragraph of Article 99 of the Swiss Constitution, which currently establishes the maintenance of gold reserves. The aim is to include the expression “and in Bitcoin”, provided that the organizers manage to gather 100.000 signatures to make the referendum viable.

The movement has strong supporters, including Jeev Zangana, vice president of Tether. Yves Bennaïm, founder of 2B4CH, defended the proposal, saying: “We are not saying — go all-in on bitcoin, but if you have almost 1 trillion francs in reserves, like the SNB, then it makes sense to have 1–2% of that in an asset that is increasing in value, becoming more secure and that everyone wants to own.”

Lusius Meisser, a board member at Bitcoin Suisse, reinforced the importance of diversifying reserves. For him, holding Bitcoin is strategic in a context of weakening of the dollar and euro, in addition to reducing the central bank’s exposure to political risks of fiat currencies. Meisser highlighted: “Bitcoin is a currency that cannot be diluted due to its scarcity nature.”

Switzerland continues to be a benchmark for the cryptocurrency market. Zug, known as “Crypto Valley”, was the birthplace of Ethereum and, more recently, the Spar network began accepting Bitcoin as a form of payment in a city in the country, highlighting the continued local adoption of digital assets.

While Switzerland is debating the inclusion of Bitcoin in its reserves, other countries are already moving in this direction. El Salvador was a pioneer in adopting Bitcoin as legal tender in 2021 and has accumulated over 6.000 BTC in its reserves. Bhutan, through hydroelectric mining operations, holds around 13.000 BTC, representing 28% of the country's GDP. In the United States, the government owns over 200.000 BTC, acquired mainly through judicial seizures, and is considering the creation of a strategic cryptocurrency reserve. In addition, countries such as Brazil, Japan, Russia, Poland and the Czech Republic are considering bills to incorporate Bitcoin into their national reserves.