Joerg Hiller
May 08, 2026 21:19
A campaign to mandate the Swiss National Bank to hold Bitcoin fell short after organizers failed to secure enough signatures for a referendum.
A campaign to require the Swiss National Bank (SNB) to hold Bitcoin as part of its reserves has failed to gather enough support to reach a national referendum. Organizers secured only about 50,000 of the required 100,000 signatures, according to a Reuters report.
The initiative aimed to amend Switzerland’s constitution, mandating the central bank to include Bitcoin (BTC) alongside gold and foreign currency reserves. Advocates argued Bitcoin could diversify Switzerland’s reserves, which are heavily concentrated in U.S. dollar- and euro-denominated assets—around 75% of the SNB’s foreign currency holdings, per Reuters. However, the central bank has been steadfast in its opposition to cryptocurrencies, citing concerns over volatility and liquidity.
Yves Bennaim, the campaign’s founder, admitted the chances of success were slim from the outset but emphasized the broader goal of sparking debate about Bitcoin’s role in global finance. While the campaign fell short, it underscores the growing discussion around sovereign Bitcoin adoption, albeit with significant hurdles.
Limited Sovereign Bitcoin Adoption
Globally, few nations have embraced Bitcoin as a reserve asset. El Salvador remains the most prominent example, incorporating Bitcoin into its sovereign reserves following its 2021 decision to adopt BTC as legal tender. The country currently holds 7,645 BTC, according to BitcoinTreasuries.com.
Bhutan has also emerged as a sovereign Bitcoin holder, leveraging its hydroelectric resources to mine the cryptocurrency. However, data from Arkham Intelligence shows Bhutan has sharply reduced its holdings, dropping from 13,000 BTC at the end of 2024 to just 3,654 BTC by April 2026.
In contrast, major economies like the U.S., China, and the U.K. hold Bitcoin primarily through confiscated assets from criminal proceedings. Notably, the U.S. established a Strategic Bitcoin Reserve in 2025, though its holdings are limited to seized BTC, with no active purchasing policy.
Challenges for Broader Adoption
The Swiss campaign highlights the challenges of integrating Bitcoin into sovereign reserves. Central banks prioritize stability, and Bitcoin’s price fluctuations and liquidity concerns remain significant barriers. Additionally, legal and political hurdles, as seen in Switzerland’s referendum system, can further complicate adoption efforts.
While the campaign’s failure may appear as a setback, it signals a growing acknowledgment of Bitcoin’s potential role in global financial systems. Whether this will translate into broader acceptance remains uncertain, but the debate is far from over.
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