Campaign founder Yves Bennaim isn’t giving up. Even after his group failed to collect enough signatures to push for a Swiss national referendum on Bitcoin reserves, Bennaim said another attempt could come later.
Switzerland’s direct democracy system requires campaigns to reach a certain number of signatures within 18 months—his team didn’t make it.
A Bold Proposal That Didn’t Take Off
The initiative would have required the Swiss National Bank (SNB) to hold Bitcoin alongside gold and foreign currencies. Supporters argued that adding Bitcoin to the SNB’s reserves would reduce reliance on the US dollar and the euro. Bennaim compared it to Switzerland’s long-standing tradition of neutrality, presenting Bitcoin as an independent alternative to major global currencies. He also pushed back against claims that Bitcoin lacks liquidity, pointing to the billions of dollars moving through international crypto exchanges every day.
But the SNB wasn’t convinced. The bank has stayed cautious, and European Central Bank policymakers have made their stance clear—reserve assets must be liquid, secure, and stable. Bitcoin’s price history hasn’t helped its case. The cryptocurrency has dropped about 7% so far this year, following a record high of $126,000 in October 2025.
Europe Still Divided on Crypto in Central Bank Reserves
According to reports from Reuters, the failed Swiss campaign reflects a broader disagreement across Europe. Policymakers haven’t reached any consensus on whether digital assets belong in central bank reserve strategies. That debate has intensified as crypto becomes harder to ignore in global finance. Some institutions are testing blockchain-based systems, while others remain focused on concerns about price volatility, security, and the ability to sell large holdings quickly without disrupting markets.
Bennaim’s team framed the campaign as more than just a push for Bitcoin. They wanted Swiss officials to seriously evaluate the technologies reshaping the financial sector. A future initiative, they said, is still possible.
Swiss Financial Firms Push Ahead With Blockchain
The campaign’s failure hasn’t slowed down the broader Swiss financial industry. AMINA Bank recently became the first institution registered with Swiss financial regulator FINMA to offer custody and trading services for Canton Coin. Through this move, institutional clients can access the Canton Network, a platform designed for tokenization, collateral management, and settlement. Goldman Sachs, Visa, Citadel, and the Depository Trust & Clearing Corporation are among the organizations backing the network.
Frequently Asked Questions
Here is a list of FAQs about the Swiss Bitcoin reserve proposal being dropped written in a natural tone with clear answers
BeginnerLevel Questions
1 What was the Swiss Bitcoin reserve proposal
It was a plan to make the Swiss National Bank hold Bitcoin as part of the countrys official foreign currency reserves alongside assets like the US dollar and gold
2 Why was the proposal dropped
It was dropped because the Swiss National Bank strongly opposed it The SNB said Bitcoin is too volatile risky and not liquid enough to be a safe reserve asset
3 Who wanted to create this Bitcoin reserve
A group of Swiss Bitcoin advocates and politicians pushed for it They started a formal initiative to gather signatures to force a public vote on the idea
4 Did the Swiss people get to vote on it
No The proposal was dropped before it ever reached a vote The organizers ended the campaign after the central bank made its opposition clear
5 What does the Swiss National Bank think about Bitcoin
The SNB has consistently said Bitcoin doesnt meet the criteria for a reserve currency They view it as a speculative asset not a reliable store of value for a national balance sheet
IntermediateLevel Questions
6 Was this the first time Switzerland tried to add Bitcoin to its reserves
No Similar proposals have been floated before but theyve always been rejected by the SNB The central bank has a longstanding policy of avoiding volatile digital assets
7 How much Bitcoin did the proposal want the SNB to buy
The exact amount wasnt set in stone The idea was to start with a small percentage of total reserves but the SNB argued even that tiny amount was too risky
8 Whats the main argument for a Bitcoin reserve
Supporters say Bitcoin is a hedge against inflation and currency devaluation They argue its a decentralized asset that no government can print making it a good longterm store of value
9 Whats the main argument against a Bitcoin reserve
The central banks main argument is that Bitcoins price is too unstable A sudden 50 crash could wipe out billions from Switzerlands reserves hurting the economy and the Swiss francs stability