A push to force the Swiss National Bank (SNB) to hold bitcoin as part of its official reserves failed this week after organizers couldn't gather enough signatures. The initiative, which sought to amend Switzerland's constitution to mandate the SNB hold BTC alongside gold and foreign-currency reserves, officially stalled after falling short of the required number of citizen endorsements.
What the initiative demanded
Proponents wanted to write bitcoin into the Swiss constitution, requiring the SNB to allocate a portion of its reserves to the cryptocurrency. Switzerland's central bank currently holds its reserves primarily in gold, foreign exchange, and bonds. The amendment would have marked a first for any major central bank, making bitcoin an official reserve asset by law rather than a discretionary investment.
The signature shortfall
Switzerland’s system of direct democracy requires a minimum number of signatures—typically 100,000 within 18 months—to force a national referendum on a constitutional amendment. The bitcoin initiative didn't hit that bar. Organizers didn't disclose the exact count, but the shortfall effectively kills the proposal before it could reach parliament or the public vote stage.
This isn't the first time a crypto-themed initiative has struggled in Switzerland. A similar push to add bitcoin to the SNB's mandate was floated a few years ago and also failed to gain traction. The SNB itself has consistently maintained that its reserve composition is a matter of monetary policy, not popular vote.
What happens now
The initiative is dead for this legislative cycle. The SNB will continue managing its reserves without a constitutional bitcoin requirement. There's no immediate sign that proponents will relaunch the campaign, though Switzerland's active political landscape means a new attempt could emerge if the signature-gathering process is revised or if public sentiment shifts.
For now, the central bank remains free to buy or ignore bitcoin as it sees fit—something it has shown little appetite for so far.
