Swiss Bitcoiners Orange-Pilling Central Bank
A group of Bitcoin advocates in Switzerland is making another attempt to persuade the Swiss National Bank (SNB) to include Bitcoin in its reserves. They plan to hold a referendum to amend the country’s constitution, but first, they must gather over 100,000 signatures from Swiss citizens. Yves Bennaïm, the founder of the think tank 2B4CH leading the campaign, believes that adding Bitcoin to the SNB’s reserves would safeguard Switzerland’s sovereignty and neutrality in an increasingly uncertain world.
To initiate the process, the group is preparing the necessary documents and organizational groundwork to present to the State Chancellery. They faced a similar challenge in October 2021 when they failed to collect enough signatures within the 18-month timeframe. This time, they are determined to meet the threshold, which represents around 1.15% of Switzerland’s population of 8.77 million.
Luzius Meisser, the president of Bitcoin Suisse, a Bitcoin-focused trading platform, supports the initiative. He believes that including Bitcoin in the SNB’s reserves would demonstrate Switzerland’s independence from the European Central Bank and strengthen its neutrality. Meisser is scheduled to meet with the Swiss National Bank on April 26 to present the benefits of incorporating Bitcoin into its balance sheet. He will have only three minutes to make his case.
Meisser previously attempted to convince the central bank to invest $1.1 billion in Bitcoin per month in March 2022, instead of German government bonds. SNB Chair Thomas Jordan deemed Bitcoin unsuitable as a reserve currency in April 2022. Meisser now claims that Switzerland would have been $32.9 billion richer if the central bank had followed his suggestion in 2022. He warns that delaying the decision may result in other central banks driving up Bitcoin prices, posing a risk to Switzerland’s ability to acquire it at reasonable prices.
Leon Curti, the head of research at Digital Asset Solutions, believes that the recent approvals of spot Bitcoin exchange-traded funds in the US and Hong Kong may influence the SNB’s stance on Bitcoin investment. The positive response to the article from German politician and Bitcoin activist Joana Cotar also indicates some support for the initiative.
The media outlet attempted to contact 2B4CH for further information, but there has been no immediate response.
12 thoughts on “Swiss Bitcoiners Orange-Pilling Central Bank”
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It’s concerning that the president of Bitcoin Suisse is supporting this initiative. It shows a lack of judgment and understanding of the potential risks associated with Bitcoin. 🤦♀️
This whole idea of incorporating Bitcoin into the SNB’s reserves is just a wild fantasy. It’s time for these advocates to wake up and realize that it’s not a feasible or responsible move.
Seriously, why are we even discussing this? Bitcoin is nothing but a risky and unreliable investment. Switzerland should stay far away from it!
This is ridiculous! Why would we want to put our country’s reserves into such a volatile and risky asset like Bitcoin? It’s a disaster waiting to happen!
The campaign led by Yves Bennam and think tank 2B4CH is truly commendable. It takes a lot of courage to challenge the status quo and fight for change. Switzerland’s sovereignty and neutrality would indeed benefit from including Bitcoin in its reserves.
It’s laughable to think that Bitcoin would safeguard Switzerland’s sovereignty and neutrality. All it would do is expose our economy to unnecessary risks. This idea should be thrown out the window!
I can’t believe they failed to collect enough signatures the last time, and now they’re trying again? It’s clear that the majority of Swiss citizens don’t support this nonsense. 🤦♀️
Luzius Meisser’s support for this initiative is crucial. Including Bitcoin in the SNB’s reserves would not only demonstrate Switzerland’s independence but also strengthen its neutrality. Kudos to Meisser for advocating for this important cause.
This is just another desperate attempt by Bitcoin enthusiasts to gain legitimacy. Sorry, but I don’t think Switzerland should be gambling with its reserves. It’s simply not worth it!
Switzerland should be cautious about making decisions based on the recent approvals of Bitcoin ETFs in other countries. Just because something is approved elsewhere doesn’t mean it’s the right move for us. 🤷♂️
It’s clear that these advocates have no understanding of how the financial system works. Bitcoin is a speculative bubble that could burst at any moment, and they want to risk our country’s stability for it? No way! 😤
I’m thrilled to see the continued efforts of the Bitcoin advocates in Switzerland! It’s great to see their determination and commitment to making Bitcoin a part of the SNB’s reserves.