TLDR
A Swiss campaign to make the Swiss National Bank hold Bitcoin has failed after falling short of the signatures needed for a national referendum.
- Activists gathered only about half of the 100,000 signatures required to force a vote on adding Bitcoin to Switzerlands official reserves.
- The Swiss National Bank opposed the idea, citing Bitcoins volatility and liquidity as incompatible with conservative reserve management.
- The failure is a setback for Bitcoin-as-reserve in developed economies, but similar debates continue globally, including the United States Strategic Bitcoin Reserve plans.
Deep Dive
1. What The Campaign Tried To Do
Swiss campaigners sought a constitutional amendment requiring the Swiss National Bank (SNB) to hold Bitcoin (BTC) alongside gold and foreign currency reserves, with details to be set later in law rather than fixed in the constitution itself.[](https://www.coindesk.com/business/2026/05/09/swiss-central-bank-bitcoin-reserve-push-fails-over-signature-shortfall)
Under Switzerlands direct democracy rules, they had 18 months to collect 100,000 valid signatures to trigger a national referendum. Organizers say they reached only about half that number, so the initiative will lapse without a vote.[](https://cointelegraph.com/news/swiss-bitcoin-reserve-campaign-to-lapse)
Supporters framed Bitcoin as a neutral reserve asset that could reduce Switzerlands reliance on the US dollar and euro, which together account for roughly three quarters of the SNBs foreign currency reserves.[](https://www.tradingview.com/news/cointelegraph:061c42d84094b:0-swiss-bitcoin-reserve-campaign-set-to-lapse-after-failing-to-gather-signatures)
2. Why The SNB Pushed Back
The SNB repeatedly signaled that it did not view Bitcoin as suitable for its balance sheet, pointing to concerns about volatility and the need for reserves to be liquid, predictable tools for monetary and FX policy.[](https://cointelegraph.com/news/swiss-bitcoin-reserve-campaign-to-lapse)
Central banks generally want reserve assets that can be sold quickly in stressed markets without large price swings. Officials argued that Bitcoins sharp drawdowns and limited historical track record make it a poor fit for this role, despite large daily trading volumes.[](https://www.coindesk.com/business/2026/05/09/swiss-central-bank-bitcoin-reserve-push-fails-over-signature-shortfall)
This stance echoes the European Central Banks cautious approach and contrasts with corporate treasuries or ETFs that can treat Bitcoin more as a risk asset than a monetary reserve instrument.
3. What It Means For Sovereign Bitcoin
The Swiss result is a symbolic setback for those hoping advanced economies would quickly adopt Bitcoin as a formal reserve asset. It shows that even in a very crypto-friendly jurisdiction, changing central bank mandates is a high hurdle.
At the same time, sovereign interest is not zero. El Salvador already holds Bitcoin in its reserves, and the United States has created a Strategic Bitcoin Reserve funded with seized BTC, with officials preparing further policy details on how it will operate.?
In the near term this is more about politics than price, but it confirms that large, conservative central banks are moving far more slowly on Bitcoin than many market participants hoped.
Conclusion
Switzerlands failed Bitcoin reserve initiative underlines the gap between grassroots enthusiasm for Bitcoin and the risk frameworks of major central banks. While a few countries are experimenting with sovereign BTC holdings, the Swiss case suggests that in mature economies, any move to treat Bitcoin as a core reserve asset will likely be incremental, contested, and heavily conditioned on volatility, liquidity, and broader macro stability.
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