Swiss Bitcoin Reserve Initiative Falls Short After Gathering Only Half the Required Signatures
Swiss crypto advocates abandon their campaign to force the SNB to hold bitcoin after collecting only 50,000 of the 100,000 signatures needed for a referendum.
A grassroots campaign to force Switzerland's central bank to hold bitcoin alongside gold has officially failed. Organizers collected roughly 50,000 signatures, half the 100,000 needed to trigger a constitutional referendum under Swiss law.
The initiative, which sought to amend Article 99 of the Swiss Constitution, would have required the Swiss National Bank (SNB) to add bitcoin to its reserve assets. Reuters reported on May 7-8, 2026 that campaign founder Yves Bennaim acknowledged the effort would be allowed to lapse after missing the 18-month deadline for gathering valid signatures.
"It was always a long shot," Bennaim said.
What the Initiative Proposed
Submitted in late 2024, the Bitcoin Initiative aimed to place bitcoin on equal footing with gold in the SNB's reserves. Switzerland's direct democracy system allows citizens to force a referendum on constitutional changes if they collect 100,000 valid signatures within 18 months.
The proposal represented one of the most ambitious attempts globally to push a major central bank toward holding bitcoin as a reserve asset. Switzerland's reputation as a crypto-friendly jurisdiction, particularly around the "Crypto Valley" cluster in Zug, made it seem like fertile ground for such an effort.
The reality proved more complicated.
The SNB's Position
SNB Chairman Martin Schlegel publicly rejected bitcoin as a reserve asset in April 2025, citing two primary concerns: insufficient market liquidity and very high volatility. These objections reflect the central bank's long-standing reserve management standards, which prioritize stability and value preservation.
The SNB has repeatedly emphasized that cryptocurrencies do not meet its criteria for reserve holdings. For a central bank managing assets that backstop a major currency, the ability to liquidate holdings quickly without moving markets matters enormously. Bitcoin's daily trading volumes, while substantial for a cryptocurrency, remain modest compared to sovereign bonds or gold.
Volatility presents another structural challenge. Central bank reserves exist to provide stability during crises. An asset that can lose 30% of its value in a matter of weeks creates the opposite of the buffer that reserve managers seek.
Why It Still Matters
The initiative's failure reveals a widening gap between Switzerland's crypto-friendly image and the conservative standards of its central bank. That gap is not necessarily a contradiction. A country can welcome crypto businesses and still conclude that bitcoin does not belong on a central bank's balance sheet.
Yet the campaign also demonstrates growing pressure on traditional financial institutions to at least engage with the bitcoin question. Fifty thousand Swiss citizens signed a petition asking their central bank to reconsider its approach to monetary reserves. That represents a meaningful minority, even if it fell short of the threshold for a vote.
Similar conversations are happening elsewhere. The debate over whether central banks should hold bitcoin, whether as a hedge against currency debasement or a strategic reserve asset, is no longer fringe. It appears in academic papers, legislative proposals, and the occasional shareholder meeting.
What Comes Next
For Switzerland specifically, the initiative's lapse ends this particular push. Organizers could theoretically launch a new campaign, but the difficulty of gathering 100,000 signatures on a technically complex financial proposal is now better understood.
For the broader bitcoin-and-central-banks conversation, the Swiss experience offers a few lessons. First, popular enthusiasm alone does not overcome institutional inertia. Second, the objections from central bankers, whether about liquidity, volatility, or mandate, require substantive responses rather than dismissal. Third, the most crypto-friendly jurisdictions may not be the most likely to adopt bitcoin at the sovereign level, precisely because they understand the technical details well enough to identify the obstacles.
The SNB will continue managing its reserves according to its existing standards. Bitcoin advocates will continue making their case. The 50,000 signatures represent a starting point for future campaigns, not necessarily a final answer.