A groundbreaking proposal to mandate the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet has been officially initiated. The Swiss Federal Chancellery registered the proposal on December 31, marking a significant step toward integrating cryptocurrency into national reserves.

To bring this proposal to a public referendum, proponents must secure 100,000 signatures by June 2026. Led by Giw Zanganeh, Tether’s vice president of energy and mining, and Yves Bennaïm, founder of Swiss Bitcoin think tank 2B4CH, the initiative aims to amend Switzerland’s Federal Constitution. Specifically, Article 99 Paragraph 3 would require the SNB to maintain reserves partially composed of Bitcoin and gold, emphasizing financial sovereignty and sound monetary policy.

Bennaïm highlighted the timing as crucial, noting increased global interest in Bitcoin adoption since 2021. Switzerland, with its population of nearly 9 million, would need only 1.12% of residents to sign the petition to move the initiative forward. Lugano, an Italian-speaking Swiss city, is already a crypto hub, hosting the annual “Plan ₿” Bitcoin conference and supporting over 260 Bitcoin-accepting merchants.

Despite this momentum, SNB Chair Martin Schlegel recently voiced skepticism, citing Bitcoin's energy consumption and suitability as a payment method. However, Switzerland is not alone in exploring Bitcoin reserves. The U.S. Senate is considering a bill for Bitcoin holdings under the Treasury, while Brazil and Poland are reportedly deliberating similar strategies.

This proposal could position Switzerland as a global crypto leader, but debates about feasibility, energy concerns, and financial risks persist. If successful, it may redefine national monetary strategies worldwide.