Swiss bitcoin reserve campaign collapses after missing signature threshold

Cryptocurrency advocates in Switzerland have abandoned a bid to force the Swiss National Bank to add bitcoin to its reserves after failing to collect enough signatures for a referendum, a reminder that even in one of the world’s most crypto-curious financial centers, central-bank caution still dominates.

The campaign had 18 months under Swiss law to gather 100,000 valid signatures, but with only a few weeks left organizers said they had reached only about half that total. Founder Yves Bennaim acknowledged the weakness of the push, saying, “We knew from the beginning that it was a long shot.” The initiative was set to lapse without ever reaching a public vote, ending an effort to amend Switzerland’s constitution so the SNB would hold bitcoin alongside gold and foreign currency reserves.

The setback leaves intact the Swiss National Bank’s long-standing resistance to cryptocurrencies on its balance sheet. The central bank has repeatedly said reserves must be liquid, secure and able to expand or contract as needed, standards it says bitcoin does not meet. Its 2024 annual report said currency reserves serve important monetary policy functions and consist of foreign exchange reserves, gold, the IMF reserve position and international payment instruments, a definition that reflects why officials have been reluctant to add a volatile asset class to the mix.

The political case for bitcoin was built on diversification. Supporters argued that Switzerland should reduce its dependence on dollar- and euro-denominated assets, which make up roughly 75% of the SNB’s foreign currency holdings. They also cast bitcoin as internationally neutral, fitting a country that prizes neutrality in its foreign policy and financial system. But the Swiss example underscores how difficult it remains to turn that argument into binding policy, even in a country with direct democracy and a deep trading and banking tradition.

The failure also fits a broader pattern among major monetary authorities. The European Central Bank and other central banks have remained skeptical of holding bitcoin as a reserve asset, preferring holdings that are liquid, secure and safe. Switzerland’s own reserve management reinforces that stance: the SNB bought just CHF 1.2 billion in foreign currency in 2024, while its policy rate was cut in four steps from 1.75% to 0.5% starting in March 2024. The result is a reality check for crypto’s institutional ambitions: mainstream acceptance is still far harder to win at the level of central-bank reserves than in private markets.