A recent initiative has been officially registered in Switzerland aiming to require the Swiss National Bank to include Bitcoin in its balance sheet. This proposal was published in the Federal Gazette on December 31, 2024, and is part of a broader movement advocating for a more financially secure and responsible Switzerland.
The proposal was put forth by several prominent figures in the Bitcoin community, including the Vice President of Energy and Mining at Tether and the founder of a Swiss Bitcoin nonprofit think tank, alongside eight other supporters of Bitcoin. Initially presented on December 5, 2024, the proposal seeks to gather a requisite 100,000 signatures over the next 18 months, setting a deadline of June 30, 2026, for the Swiss government to conduct a public referendum regarding the matter. With a national population of approximately 8.92 million, around 1.12% of citizens will need to endorse the petition to advance to the voting stage.
The year 2024 has been notable for Bitcoin’s surge in popularity. It started with the US Securities and Exchange Commission approving various spot Bitcoin exchange-traded funds (ETFs) for trading on stock exchanges, marking a significant leap towards mainstream acceptance. The cryptocurrency also featured prominently in the US presidential race, with a candidate who promoted themselves as potentially the “First Bitcoin President.”
The excitement surrounding Bitcoin helped propel its value past the pivotal threshold of $100,000, reflecting its growing appeal among investors and the general populace.
Beyond Switzerland’s proposal, discussions are underway in the US about the potential for Bitcoin to be added to the Treasury. Politicians in Brazil and Poland are also considering the possibility of establishing Bitcoin reserves, while El Salvador and Bhutan stand out as the only nations currently holding substantial Bitcoin assets.
The situation in Russia is also evolving, with the Finance Minister confirming that Russian companies are increasingly using Bitcoin and other cryptocurrencies to facilitate international trade transactions. Furthermore, the Russian President has stated that no government possesses the ability to ban Bitcoin, indicating a level of governmental endorsement that could impact its legitimacy and usage.
With both Russian and US support for Bitcoin becoming more evident, questions arise regarding whether the US is prepared to adjust its economic strategies and sanctioning powers linked to the US dollar through the adoption of Bitcoin. This proposed constitutional measure in Switzerland reflects a growing trend of integrating Bitcoin into traditional financial frameworks, indicative of a rapidly changing landscape in the global financial system.
Ultimately, these developments signal a significant shift towards increasing acceptance of cryptocurrencies, which is poised to redefine economic interactions at national and international levels. The outcome of the Swiss referendum may serve as a barometer for potential worldwide changes regarding the role of Bitcoin and similar assets in the financial ecosystem.