Swiss Crypto Lobby Pushes Central Bank to Stack Bitcoin—Because Gold Bars Are So 20th Century

Switzerland’s crypto advocates are turning up the pressure—they want the Swiss National Bank to ditch tradition and allocate reserves to Bitcoin. Because nothing says ’sound monetary policy’ like volatile digital assets, right?

The move would position Switzerland alongside crypto-forward nations like El Salvador, though with less volcano-powered mining and more private-banker skepticism. Proponents argue Bitcoin’s scarcity hedge trumps gold’s ’ancient relic’ status.

Meanwhile, traditional finance giants eye their vaults and whisper: ’But how do we short it?’ The SNB hasn’t blinked—yet.

 Switzerland’s crypto adoption

Supporters of the referendum argue that allocating a modest portion of the SNB’s nearly $1 trillion Swiss franc reserve portfolio into Bitcoin, specifically 1% to 2%, would protect against monetary debasement without exposing the bank to outsized volatility. 

Meisser and others argue that SNB’s current foreign currency holdings, consisting of 75% of US dollars and euros, expose Switzerland to foreign political dynamics and devaluation risks driven by expansionary fiscal policies abroad.

They also argue such a move would align with Switzerland’s broader positioning as a hub for blockchain technology.

Switzerland hosts “Crypto Valley” in Zug, a zone dedicated to crypto industries. Moreover, the country ranked 55th out of 151 countries in the crypto index provided by Chainalysis’ latest “Geography of Crypto Report.” 

Yves Bennaim, another proponent of the initiative and a member of the Bitcoin Initiative group, countered concerns over security and liquidity. 

He described Bitcoin’s underlying technology as among the most secure and resilient digital systems ever created, supported by a $2 trillion market capitalization and daily trading volumes in the billions.

Bennaim added:

SNB voices caution amid campaign momentum

Despite the campaign’s momentum, the Swiss National Bank has remained skeptical toward crypto. 

In March, SNB Chairman Martin Schlegel reiterated the institution’s reservations, citing Bitcoin’s high volatility, limited liquidity in crisis scenarios, and technical vulnerabilities as factors that currently preclude its inclusion in official reserves.

He stated:

Schlegel kept his reservations even after Switzerland’s Federal Chancellerysubmitting a constitutional amendment proposal in December requiring the SNB to hold part of its reserves in Bitcoin.