A campaign to include bitcoin in the Swiss National Bank's reserves fell short of the signature threshold and has now ended.

Campaign results

Organizers gathered about 50,000 signatures during an 18 month collection window, remaining below the mandatory 100,000 needed for a referendum.

Proposal details

The proposal, registered with the Federal Chancellery, would have required the SNB to hold part of its monetary reserves in both gold and bitcoin; the text did not specify a concrete share.

Arguments and official reaction

Authors of the initiative described bitcoin as a neutral reserve asset and a hedge against risks in dollar and euro holdings, positioning it alongside gold.

According to Reuters, roughly three quarters of the SNB's currency reserves are denominated in the dollar and the euro, reflecting current allocation priorities.

The Swiss National Bank rejected the idea in 2025, citing bitcoin's limited liquidity and high volatility as principal obstacles to its use as an official reserve asset.

Direct democracy mechanism

Under Swiss federal rules, collecting 100,000 valid signatures within an 18 month period triggers a binding nationwide referendum on a constitutional amendment; this campaign did not meet that threshold.

The organizers have announced cessation of the campaign after failing to reach the required signature quorum, leaving the SNB's reserve composition unchanged for now.