As a seasoned analyst with over two decades of experience in finance and economics, I have witnessed the evolution of financial systems across various countries and their attempts to adapt to technological advancements. The recent proposal to amend the Swiss Federal Constitution to require the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet is an intriguing development that catches my attention.
Given my background, I have observed similar initiatives in other nations, such as El Salvador’s adoption of Bitcoin as legal tender. However, Switzerland’s approach seems more strategic and prudent, considering the country’s reputation for financial stability and innovation. The proposal’s emphasis on making Switzerland a financially sound, sovereign, and responsible nation aligns with my belief that successful financial policies should be forward-thinking yet grounded in solid fundamentals.
However, I am cautiously optimistic about the prospects of this proposal. As the Bitcoin advocates must gather 100,000 signatures by June 2026, it is essential to monitor the public’s response to the initiative. The success of such a constitutional amendment will depend on the Swiss population’s understanding and acceptance of digital assets like Bitcoin.
Moreover, I find it noteworthy that Switzerland has been at the forefront of blockchain technology adoption, with cities like Lugano embracing Bitcoin as a means of payment. This progressive approach to financial innovation positions Switzerland as a leader in the digital asset space and sets an example for other nations to follow.
In conclusion, while I remain cautiously optimistic about the success of this proposal, I believe that Switzerland’s proactive stance on Bitcoin could pave the way for other countries to explore similar initiatives. As a humble analyst, it is fascinating to observe the evolution of financial systems in the digital age and see how nations adapt to new technologies like Bitcoin.
Joke: Who knew that the Swiss National Bank would be the one to finally make Bitcoin more stable than the Swiss Franc? The future of finance is indeed unpredictable!
A new initiative was started by the Swiss Federal Chancellery on December 31st, aiming to legally require the Swiss National Bank (SNB) to include Bitcoin in its financial assets portfolio.
100,000 signatures are required for the proposal to be presented for a public vote, as stated by Tether’s Vice President of Energy and Mining, Giw Zanganeh, who co-launched the initiative alongside Yves Bennaïm, founder and chairman of 2B4CH, a Swiss Bitcoin nonprofit think tank, and eight other Bitcoin supporters.
2B4CH has been gathering necessary documents to present to the State Chancellery for submission, dating back at least to April, with the intention of reattempting a successful proposal following its initial delay in October 2021. At that time, the concept of a sovereign nation owning Bitcoin was not as widely accepted as it is now.
According to Bennaïm, we had been biding our time until the perfect moment arrived. Now that everything seems to be aligning correctly, we have filed the necessary documents and will soon begin gathering signatures.
On December 5th, a proposal regarding Bitcoin as a “stable, self-governing, and prudent Switzerland” was put forth, and it was formally recorded in the Swiss Federal Gazette on December 31st.
It specifically proposes Article 99 Paragraph 3 of the Swiss Federal Constitution to be amended to:
“The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”
Achieving this constitutional amendment has been the primary mission of Bennaïm’s 2B4CH.
The Bitcoin advocates must rack up 100,000 signatures by June 30, 2026 — around 18 months from now.
Approximately 1.12% of Switzerland’s total population of 8.92 million people would be required to sign the petition.
In the Italian-speaking city of Lugano, which annually hosts the “Plan B” Bitcoin conference, Bitcoin is already extensively used.
As a researcher, I’ve discovered that approximately 260 businesses within a populous city of around 63,000 residents accept Bitcoin. According to BTCMaps data, this bustling urban center is quite welcoming to digital currency transactions.
Among countries, the United States appears to be leading in terms of potential adoption of Bitcoin, but if the Bitcoin reserve bill sponsored by Senator Cynthia Lummis passes, it will be the U.S. Treasury, rather than private entities like Switzerland, that would hold the digital currency.
Politicians in Brazil and Poland are also eyeing the idea of establishing a Bitcoin reserve.
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2025-01-01 04:01