Bitcoin (BTC) Advocates Renew Calls on Swiss National Bank (SNB) to Diversify Reserves

Bitcoin Suisse and other advocates recently reiterated their call for the Swiss National Bank (SNB) to consider diversifying its reserves with Bitcoin (BTC).

Bitcoin Suisse and other advocates are urging the Swiss National Bank (SNB) to diversify its reserves with Bitcoin (BTC), despite the central bank's persistent refusal.

As reported by Bitcoin Magazine, the group, which is also collecting signatures for a referendum to amend the Swiss Constitution, 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, Switzerland’s central bank would have already amassed thousands of BTC at cheaper entry points.

The value of its supply would have also appreciated by over 500% at this week’s $94K per BTC peak if the SNB timed its purchase right at the $15K dip of the asset in 2022.

However, that would be 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.

But 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 cited the digital asset’s volatility as the primary reason for their stance.

“It’s a volatile asset, and central banks need to be able to intervene in the short term to stabilize the economy if necessary. We can't do that if a large portion of our reserves are tied up in an asset like Bitcoin, which could rapidly lose value,” Jordan stated in 2021.

The former SNB chair also pointed out the energy-intensive requirement of BTC, which he said could pose problems for the environment.

“We are mindful of our environmental footprint and prefer to invest in assets that are less energy-consuming in the long term,” he added.

On the other hand, Schlegel questioned Bitcoin’s network integrity, adding that it “is basically software, and like all software, it can have bugs.”

Nonetheless, the initiative's advocates have until June 2026 to collect 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.