The Swiss National Bank (SNB) is facing increasing pressure to include Bitcoin (BTC) in its foreign currency reserves. 

If the initiative called “For a financially strong, sovereign and responsible Switzerland (Bitcoin Initiative)” gathers 100,00 signatures in 18 months’ time starting 31 December 2024, it will be put to public vote.

The call for the SNB to hold Bitcoin reserves has been amplified by various stakeholders, including members of Switzerland’s political and financial communities.

Post Donald Trump’s re-election, many governments are contemplating the inclusion of BTC in their strategic reserves.

Related: Crypto Mayor Unveils Satoshi Nakamoto Statue In Switzerland. And Why Did Tether CEO Shift Base To Lugano?

Saylor Says Switzerland Is Making History 

Switzerland is making history. The initiative to enshrine #Bitcoin into the constitution has officially reached the Feuille fédérale and is now under review. A future where Bitcoin becomes a strategic reserve for Switzerland could soon become reality. pic.twitter.com/6sgr5Au41o

— Michael Saylor Founder of MicroStrategy (Parody) (@Saylorsatsire) December 31, 2024

“Switzerland is making history,” said Michael Saylor, MicroStrategy co-founder.

“The initiative to enshrine Bitcoin into the constitution has officially reached the Feuille fédérale and is now under review. A future where Bitcoin becomes a strategic reserve for Switzerland could soon become reality,” he added. 

According to the government, “the National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and BTC.” A group of ten individuals, including several Swiss cryptocurrency supporters, proposed this initiative of including BTC in the national reserve. 

According to a recent survey by Lucerne University of Applied Sciences and Arts on behalf of Postfinance, one in nine Swiss residents invest in cryptocurrencies. However, most do so out of curiosity rather than financial reasons.

It was further found that among people with an annual income of over CHF150,000, the figure is 22%, while only 6% of those with less than CHF25,000 are interested. And among Gen Z (13%) and Gen Y (18%), the figure is significantly higher than among baby boomers (4%).

Related: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive

Can Bitcoin Be Integrated Into Swiss Constitution?

During the Lugano Plan B conference in October 2024, Samuel Kullmann, member of Parliament, Canton Berne Switzerland, talked about his experience with fiat money. He said, “I was born in Leeds, but I grew up in Mongolia. In 1991, as a child, I experienced the hyperinflation Mongolia had after the fall of communism and the switch to a market economy. So that’s sort of also my first experience with the fiat system.”

In 2017, Kullmann was elected to the Swiss parliament of Canton Bern. “Since 2021, I’ve been very vocal about being pro-Bitcoin as a politician. I started the parliamentary group Bitcoin. In March 2024, filed for political bills for a Bitcoin strategy in Canton, which will be debated in December of this year.”

“We want to do a common relationship in Switzerland through a direct democracy to actually bring Bitcoin into the Swiss constitution,” stated Kullman. “And why I believe it’s necessary to practically engage in politics is because I believe Bitcoin adoption is probably one of the most important geopolitical questions of the century.”

To conclude, what Bitcoin in politics means is that we understand that Bitcoin is a bottom-up strategy. It’s decentralization. So it doesn’t really need politics in a sense. But what Bitcoin understands is that in order for the goal of people to become more self-sovereign, to be financially included in the system, we need to reach our end goal of separation of money and the state.

Explore: Is European Central Bank Threatened By Bitcoin? German And Swiss Parliament Members Weigh In

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