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Firstly, the Bitcoiners must convince 100,000 Swiss nationals to sign the petition that is supposed to kick off a referendum. It is a threshold that began its first attempt back in 2021.
Adding Bitcoin to Central Bank’s Reserves
The Bitcoiners based in Switzerland are renewing attempts to get the Swiss National Bank to hold Bitcoin in their reserves by holding a referendum to change the country’s constitution. However, to achieve this, they must convince more than 100,000 locals to sign a petition first.
In a bid to reinforce Switzerland’s monetary sovereignty, a set of Switzerland-based Bitcoin fans are reviving efforts to influence the Swiss National Bank (SNB) to encompass Bitcoin in its reserves. Spearheaded by Yves Bennaim, founder of the non-income assumption tank 2B4CH, the initiative aims to harness the electricity of a referendum to amend the US Constitution.
However, their achievement hinged on garnering guidance from at least 100,000 Swiss nationals, a feat that established their preliminary enterprise in October 2021. Bennaim emphasized the importance of safeguarding Switzerland’s sovereignty and neutrality amidst a backdrop of world uncertainty.
According to him, integrating Bitcoin into the valuable bank’s reserves could improve these national pillars. Speaking to Neue Zürcher Zeitung (NZZ) on April 20, Bennaim outlined the continuing organizational arrangements and documentation required to kickstart the referendum process.
It is challenging to receive a collection of 100,000 signatures in eighteen months. With Switzerland’s population standing at $8.77 Million, the initiative necessitates persuading approximately 1.15% of the population to advocate the petition. Luzius Meisser, president of Bitcoin Suisse, lends his support to Bennaim’s cause.
BREAKING: Bitcoiners launch a 🇨🇭Swiss National Referendum to oblige the Swiss National Bank to put #Bitcoin on its balance sheet.
— Remo Uherek (@remouherek) April 21, 2024
In Switzerland, each citizen has the power to launch a National Referendum to change the constitution, if they can collect 100,000 valid signatures… https://t.co/NrHXOXQigt
Luzius Meisser on Convincing Bitcoiners
Meisser underscores the symbolic significance of Switzerland’s autonomy from the European Central Bank, asserting that integrating Bitcoin into reserves would reinforce the nation’s neutrality. In a pivotal meeting scheduled for April 26, Meisser will advocate for Bitcoin’s inclusion in SNB’s balance sheet, armed with a concise three-minute window.
Meisser’s prior attempts to sway the central bank, including proposing a monthly purchase of $1.1 Billion worth of Bitcoin in lieu of German government bonds, were met with skepticism. SNB Chair Thomas Jordan cited Bitcoin’s failure to meet the bank’s requirements for reserve currency inclusion in April 2022.
Fearlessly, Meisser contends that Switzerland missed out on potential gains of $32.9 Billion by not reacting to his advice in 2022, cautioning against further delay that could expose Switzerland to higher acquisition costs amid escalating global interest in Bitcoin.
Impact of Including Bitcoin in the Reserves
Despite the hurdles, optimism persists within the Bitcoin community. Leon Curti, head of research at Digital Asset Solutions, anticipates that recent approvals for spot Bitcoin exchange-traded funds in the United States and Hong Kong may sway SNB’s stance on Bitcoin investments.
The initiative has garnered international attention, eliciting a favorable response from Joana Cotar, a German politician and prominent Bitcoin advocate. Cotar, who strongly opposes a European Union-backed digital currency, sees Switzerland’s potential adoption of Bitcoin as a step towards financial independence.
The resurgence of efforts to steer SNB reflects a broader trend of institutional interest in Bitcoin. As cryptocurrency gains traction as a valid asset class, significant banks worldwide are grappling with the implications of its inclusion in reserve portfolios.
Switzerland, famed for its financial stability and neutrality, stands at a crossroads; a selection to embody Bitcoin ought to signal a seismic shift in worldwide financial dynamics.
Ultimately, the adventure to influence SNB to embody Bitcoin as a reserve asset faced challenges, but it had capabilities. As proponents rally support for the referendum, the outcome remains unsure.
However, the results of Switzerland’s choice reverberate a ways past its borders, underscoring the transformative strength of cryptocurrency in reshaping the destiny of finance. The media reporters have reached out to officials from 2B4CH, but they have not received any response.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
