A proposal has been officially recorded in Switzerland calling for the constitutional requirement for the Swiss National Bank (SNB) to include Bitcoin in its balance sheet. This initiative was lodged on December 5, 2024, and subsequently registered in the Federal Gazette on December 31, 2024.
The initiative, aimed at establishing a “financially sound, sovereign, and responsible Switzerland,” was put forth by various advocates for Bitcoin, including Tether’s Vice President of Energy and Mining and the founder of a prominent Swiss Bitcoin think tank, along with eight other supporters. To proceed, the proposal must collect 100,000 signatures within a period of 18 months, which translates to about 1.12% of the Swiss population of 8.92 million needed to trigger a public referendum by June 30, 2026.
The year 2024 has witnessed a significant increase in Bitcoin adoption. The momentum began when the US Securities and Exchange Commission approved the trading of spot Bitcoin exchange-traded funds (ETFs) on its stock exchanges. This led to wider discussions surrounding cryptocurrency, notably during the U.S. Presidential election campaign, where the President-elect proudly claimed the title of the “First Bitcoin President.”
This surge in popularity and acceptance of Bitcoin propelled its market value past the pivotal $100,000 mark. The proposal in Switzerland is not occurring in isolation; discussions are also taking place in the U.S. regarding the potential inclusion of Bitcoin in the national Treasury. Additionally, political figures in Brazil and Poland have started to consider the establishment of Bitcoin reserves. Currently, only a couple of countries, El Salvador and Bhutan, maintain substantial Bitcoin reserves.
In Russia, the Finance Minister confirmed that local companies are utilizing Bitcoin and other cryptocurrencies for international trade transactions. Moreover, President Putin highlighted the reality that no government has the power to completely prohibit Bitcoin’s use. With both the Russian and U.S. governments demonstrating support for Bitcoin’s integration into their financial frameworks, questions arise regarding whether the U.S. will be willing to yield its existing sanctioning advantages linked to the U.S. dollar in favor of adopting Bitcoin.
This evolving atmosphere signifies a potentially transformative period for Bitcoin and its acceptance by leading global economies, particularly as more nations explore the implications and possibilities of establishing Bitcoin reserves in their financial systems.