Switzerland Sees A Game-Changing New Bitcoin Proposal

A group of Bitcoin advocates recently submitted a proposal that could obligate the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet.

A group of Bitcoin (BTC) advocates have banded together to submit a proposal that could pave the way for the Swiss National Bank (SNB) to add Bitcoin to its balance sheet.

Tether’s VP of Energy and Mining, Giw Zanganeh, played a key role in the initiative, which was initially filed on December 5, 2024, with the goal of creating a financially sound, sovereign, and responsible Switzerland. The proposal aims to integrate Bitcoin into the country's monetary system.

The proposal, if successful, would require the SNB to hold Bitcoin in its reserves, a move that would further legitimize the cryptocurrency and potentially drive its adoption in the country.

The group now has 18 months to gather at least 100,000 signatures for the proposal, with a deadline of June 30, 2026. If they succeed, the proposal will be put to a public referendum by the Swiss government.

With a current population of 8.92 million, Switzerland would need around 1.12% of its citizens to sign the petition for it to reach the referendum stage.

The proposal comes at a time when Bitcoin adoption is accelerating worldwide. In the first few months of 2024, the US Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF, allowing the coin to indirectly enter the country's stock exchanges.

Trump’s presidential campaign also brought crypto into the limelight, with his promises of crypto-friendly laws and regulations, which might have brought him a large portion of votes, especially after Kamala Harris’ vague statement about emerging technologies including crypto being a part of the country’s future under her guidance if she wins the elections.

The hype further intensified when Trump's victory triggered a crypto rally that pushed Bitcoin to over $107K per coin. While Switzerland is taking its own approach with this proposal, there are discussions in the US about adding BTC to the Treasury.

A similar idea was put forth by politicians in other countries such as Poland and Brazil, and nations like Bhutan and El Salvador became the first and currently only nations with significant BTC reserves.