Swiss bitcoiners renew orange-pill efforts for the country’s central bank

Several Swiss-based bitcoiners are renewing attempts to hold a referendum to change the country's constitution to allow the Swiss National Bank to keep Bitcoin (BTC) in its reserves — but first they need to convince more than 100,000 local residents to sign a petition.

Adding bitcoin to central bank reserves will help protect the country's “sovereignty and neutrality” in an increasingly uncertain world, said Yves Benaim, founder and chairman of 2B4CH, which is leading the charge.

“We are finalizing the organizational arrangements for the committee and preparing the documents to be submitted to the Chancellor of the Exchequer to start the process,” Benaim was quoted as saying by Swiss news outlet Neue Zurcher Zeitung (NZZ) on April 20, 2008.

However, a referendum on issues raised by Swiss citizens or groups would require 100,000 signatures from Swiss citizens within 18 months – scuppering 2B4CH's first attempt in October 2021.

2B4CH first launched the “Bitcoin Initiative” around that time and said its mission was to add Bitcoin as a reserve currency to Article 99-3 of the Swiss Federal Constitution.

Switzerland has a population of 8.77 million, which means that 1.15% of local residents should sign the petition.

“By including Bitcoin in the reserve, Switzerland guarantees its independence from the European Central Bank. Such a move strengthens our neutrality,” said Luzius Meisser, president of Bitcoin Switzerland, a Bitcoin-based trading platform that Benam is helping with the initiative.

Meisser will try to convince the Swiss National Bank about adding bitcoin to its balance sheet at a meeting on April 26. He will have three minutes to plead the case.

The executive previously tried to convince the central bank to buy $1.1 billion (1 billion Swiss francs) of Bitcoin every month in March 2022 as an alternative to German government bonds, according to NZZ.

However, the chairman of the Swiss National Bank, Thomas Jordan, has reportedly said that bitcoin will not meet the requirements for the SNB to be added as a reserve currency in April 2022.

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Meisser is now predicting that Switzerland will be $32.9 billion (30 billion Swiss francs) richer if the central bank follows through on its proposal by 2022, and leaving after that risks the possibility of other central banks plunging into Bitcoin, forcing Switzerland to buy in. “A much higher price than all the others,” he said.

However, Leon Curti, head of research at asset manager Digital Asset Solutions, hopes that the recent approval of spot bitcoin exchanges in the United States and Hong Kong will influence the Swiss National Bank to invest in bitcoin.

NZZ's article drew a positive response from Joanna Kotar, a German politician and Bitcoin activist who strongly opposes the EU-backed digital currency.

Cointelegraph reached out to 2B4CH but did not receive an immediate response.

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