Share this article
Swiss central bank bitcoin reserve push fails over signature shortfall
The initiative sought to amend Switzerland’s constitution, requiring the Swiss National Bank (SNB) to hold BTC alongside gold and foreign-currency reserves.
May 9, 2026, 3:28 p.m. 1 min read
What to know:
- Swiss campaigners are dropping a bid for the SNB to hold bitcoin reserves after collecting about half of the 100,000 signatures needed for a national referendum.
- The initiative sought to amend Switzerland’s constitution, requiring the Swiss National Bank (SNB) to hold BTC alongside gold and foreign-currency reserves.
- The SNB had previously rejected the proposal over concerns regarding bitcoin’s liquidity and volatility as a necessary reserve asset.
The Federal Chancellery listed the proposal as an amendment to the country’s Federal Constitution, requiring part of the SNB’s monetary reserves to be held in gold and bitcoin. The text did not specify an allocation.
The campaign had framed bitcoin as a neutral reserve asset and a hedge against exposure to dollar- and euro-denominated holdings. Supporters said those currencies make up roughly three-quarters of the SNB’s foreign-currency reserves, according to Reuters.
The SNB had already rejected the idea last year, when it opposed adding bitcoin to its reserves over concerns surrounding the cryptocurrency’s liquidity and volatility.
