Swiss campaigners will drop a bid to get the Swiss National Bank (SNB) to hold bitcoin in its reserves after collecting only about half of the 100,000 signatures needed to trigger a national referendum, according to CoinDesk reporting.

Market Context

Bitcoin traded around $80,741 at time of publication as the broader crypto market absorbed the news from Switzerland. The failed initiative represents another high-profile rejection for institutional bitcoin adoption advocates in the traditional finance sector. Major central banks worldwide have largely remained cautious about adding cryptocurrency to official reserves, citing volatility and liquidity concerns that mirror the SNB's previously stated position.

Analysis

The "Bitcoin Reserve Initiative" sought to amend Switzerland's Federal Constitution to require the SNB to hold bitcoin alongside its existing gold and foreign-currency reserves. Campaigners had 18 months to gather signatures under Switzerland's direct democracy framework, which allows citizens to force national votes on constitutional amendments when sufficient support is demonstrated.

The group framed bitcoin as a neutral reserve asset and a hedge against concentrated exposure to dollar- and euro-denominated holdings—currencies that make up roughly three-quarters of the SNB's foreign-currency reserves according to Reuters. However, the SNB had already rejected the concept last year, citing concerns over cryptocurrency liquidity and price volatility.

The initiative's failure highlights the gap between crypto community enthusiasm for institutional adoption and the hurdles facing such proposals in traditional financial systems. Switzerland has long positioned itself as a hub for banking innovation, making this setback notable for observers tracking central bank digital asset strategies globally.

Key Numbers

- 100,000 signatures required to trigger Swiss national referendum on constitutional amendment

- ~50,000 signatures collected by campaigners (approximately half of needed threshold)

- $80,741 current bitcoin price at time of publication

- Roughly three-quarters of SNB's foreign-currency reserves denominated in dollars and euros

What to Watch

The SNB has maintained its stance against adding cryptocurrency to official reserves following last year's rejection. Other central banks worldwide continue studying digital assets but have not moved toward significant allocation changes. The outcome may influence future advocacy efforts in other jurisdictions considering similar constitutional or legislative approaches to central bank bitcoin holdings.