- Groups, including Bitcoin Suisse, reiterated their plea for the SNB to consider adopting BTC as a strategic reserve asset.
Groups Urge SNB to Diversify Reserves in Bitcoin
Bitcoin Suisse and other advocates recently reiterated their call for the Swiss National Bank (SNB) to consider diversifying its reserves with Bitcoin (BTC). The group cited the continuous devaluation of both the US dollar and the euro as its primary cause of concern.
“Holding Bitcoin makes more sense as the world shifts towards a multipolar order, where the dollar and the euro are weakening,” said Dr. Luzius Meisser, a board member of Bitcoin Suisse and a key proponent of the proposal. “Politicians eventually give in to the temptation of printing money to fund their plans, but Bitcoin is a currency that cannot be inflated through deficit spending.”
Meisser’s latest statements come as a follow-up to his recommendation around three years ago. The Bitcoin Suisse official notably advised the SNB to convert one billion worth of European bonds per month into Bitcoin. At that rate, he believes Switzerland’s central bank would have already amassed thousands of BTC at cheaper entry points.
In addition, the value of its supply would have already appreciated by over 500% at this week’s $94K per BTC peak if the SNB had timed its purchase right at the $15K dip of the asset in 2022. Meanwhile, that would have been over 600% if the premier crypto asset’s price bounced back to its all-time high of $109K.
SNB Remains Cautious with Bitcoin
The proposal for the SNB’s Bitcoin adoption has notably gained a lot of traction after BTC’s significant rally post the US presidential election in November. The group submitted a referendum campaign to amend a particular provision of the Swiss Constitution so it would also allow the central bank to hold BTC in its treasury, besides gold.
However, the SNB’s leadership has consistently rejected such calls. Both former chair Thomas Jordan and current chair Martin Schlegel have been vocal in their opposition to the matter. Like many other critics, the two have cited the digital asset’s volatility as the primary reason for their stance.
They claimed that Bitcoin’s fluctuations make it a poor hedge, likening it to other cryptocurrencies. Moreover, Jordan pointed out the energy-intensive requirement of BTC, while Schlegel questioned Bitcoin’s network integrity. For the latter, the crypto asset is “basically software,” which makes it vulnerable to bugs.
Nonetheless, the advocates of the initiative have until June 2026 to gather at least 100,000 signatures for their proposal to merit a plebiscite. With 10% of the Swiss population holding crypto, there’s a good chance the campaign could gain significant momentum toward meeting the minimum requirements to trigger the polls.
