Yves Bennaim's campaign to force a Swiss national referendum on Bitcoin reserves has stalled. The group failed to gather the 100,000 signatures required under Swiss direct democracy rules within the 18-month window. Without the threshold, the proposal to require the Swiss National Bank (SNB) to hold Bitcoin alongside gold and foreign currencies won't move forward.
100,000 signatures, 18 months
Swiss law lets citizens propose constitutional amendments if they collect enough signatures. Bennaim's team didn't hit the number. They haven't announced a new attempt yet, but said a future initiative is possible.
Bitcoin as a neutral reserve?
Supporters argued that adding Bitcoin would reduce dependence on the US dollar and the euro. Bennaim framed Bitcoin as an independent alternative, drawing a parallel to Swiss neutrality. He dismissed liquidity concerns, pointing to billions of dollars in daily international crypto exchange volume. But the SNB remained cautious. European Central Bank policymakers said reserve assets must be liquid, secure, and stable — criteria Bitcoin struggles to meet for central banks.
A divided Europe
The failed campaign reflects a broader split in Europe over digital assets in central bank reserves. Some institutions are testing blockchain-based systems. Others worry about price swings. Bitcoin is down roughly 7% this year after hitting a record $126,000 in October 2025. That volatility doesn't help the case for central bank adoption.
Custody for Canton Coin arrives
While the referendum effort stalled, another development shows institutional crypto interest in Switzerland. AMINA Bank became the first institution registered with Swiss regulator FINMA to offer custody and trading for Canton Coin. That gives institutional clients access to the Canton Network, a platform for tokenization, collateral management, and settlement. Backers include Goldman Sachs, Visa, Citadel, and the Depository Trust & Clearing Corporation. The referendum may be dead for now, but the infrastructure for digital asset services continues to expand. Whether that eventually shifts central bank thinking remains an open question.
