Swiss Central Bank Rejects Bitcoin Reserve Plan Amid Referendum Push

His comments were a direct response to growing pressure from Swiss cryptocurrency advocates who are campaigning to amend the constitution and mandate Bitcoin alongside gold as a national reserve asset.

Schlegel stated that Bitcoin does not meet the central bank’s strict standards for reserve assets. “Cryptocurrency cannot currently fulfil the requirements for our currency reserves,” he said. He pointed to two main concerns: limited market liquidity and excessive price volatility. The SNB needs assets that can be traded at any time, he noted, while also stressing that the extreme fluctuations in crypto prices make them unsuitable for preserving long-term value.

Crypto Advocates Cite Global Risk, Tariffs

The grassroots campaign to compel the SNB to hold Bitcoin has gained momentum amid growing global economic concerns, especially in light of escalating U.S. tariffs under President Donald Trump. Advocates argue that Bitcoin could serve as a hedge against geopolitical uncertainty and declining confidence in sovereign debt.

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Luzius Meisser, a prominent figure behind the “Bitcoin Initiative,” addressed shareholders directly. He described Bitcoin as a “special asset” uniquely positioned to thrive in a future where global trust in government debt continues to erode. “It might not be worth much in scenarios that most of you consider normal,” he said. “But in a multipolar world order with fading trust in government debt, Bitcoin will be worth a lot.”

Referendum Movement Faces Uphill Battle

Despite the SNB’s rejection, crypto supporters are moving forward with their referendum effort, hoping to tap into Switzerland’s tradition of financial independence and innovation. If the campaign garners enough signatures and support, it could force a national vote—putting Switzerland at the forefront of a global debate on whether digital assets belong in sovereign treasuries.

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