Swiss Bitcoin Reserve Campaign Collapses Short of Signatures

9 May, 2026   /   7 reads   /   Tags:  the , and , to , bitcoin , a

A high-profile Swiss campaign aimed at compelling the Swiss National Bank (SNB) to incorporate Bitcoin into its official reserves has officially been abandoned after falling significantly short of the 100,000 signatures needed to trigger a national referendum.

The "Bitcoin Initiative," which sought a constitutional amendment requiring the SNB to hold Bitcoin alongside gold and foreign currency reserves, had 18 months to gather the necessary public support. Organizers confirmed they collected only around 50,000 signatures as the deadline loomed.

Campaign Founder Reflects on "Long Shot" Effort

Campaign founder Yves Bennaim told Reuters the effort was always viewed as challenging. “We knew from the beginning that it was a long shot,” he said, adding that the group would now allow the initiative to lapse. Despite the setback, Bennaim highlighted that the campaign successfully advanced public discourse on Bitcoin’s potential role in global finance and central bank strategy.

SNB's Firm Stance on Cryptocurrencies

The Swiss National Bank has consistently rejected proposals to add cryptocurrencies to its reserves, citing extreme price volatility, insufficient liquidity, and failure to meet strict criteria for adaptability and long-term value preservation. The SNB offered no immediate comment on the campaign's conclusion.

Foreign currency holdings, primarily in dollars and euros, account for roughly three-quarters of the SNB’s reserves. Proponents argued Bitcoin could serve as a diversification tool, but the central bank maintained that digital assets do not align with its mandate for price stability and reserve management.

Global Context: Sovereign Bitcoin Adoption

While sovereign adoption remains cautious overall, examples like El Salvador’s ongoing strategy and the U.S. Strategic Bitcoin Reserve demonstrate growing institutional interest. Other central banks, such as the European Central Bank, continue to prioritize highly liquid and secure traditional assets.

Market Reaction and Broader Implications

Bitcoin was trading near $80,400 at the time of reporting, showing modest daily gains amid broader market volatility. The failure of the Swiss initiative comes as digital assets face continued scrutiny over volatility, with recent price swings underscoring arguments from both supporters and critics.

Analysts suggest the campaign, though unsuccessful in the short term, contributes to a larger global conversation about Bitcoin’s maturation as a potential reserve asset. Supporters remain optimistic that persistent advocacy and evolving market conditions could pave the way for future policy shifts in Switzerland and beyond.