Swiss Bitcoin Reserve Push Nears Collapse After Campaign Misses Referendum Target

Highlights:

• The Swiss Bitcoin Reserve campaign failed after organizers collected fewer signatures.
• The Swiss National Bank rejected Bitcoin reserves because officials cited volatility and liquidity concerns.
• Bitcoin supporters said Switzerland relies too heavily on dollar and euro reserve assets.

Swiss cryptocurrency advocates will end their Bitcoin reserve campaign after failing to collect enough referendum signatures across the country. The Bitcoin Initiative gathered about 50,000 signatures, short of the required 100,000 under Swiss constitutional law.

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Swiss Bitcoin Reserve Campaign to Lapse After Failing to Secure Enough Signatures

Reuters reported that Swiss cryptocurrency advocates will drop a campaign to require the Swiss National Bank to hold Bitcoin in its reserves, after securing only about half of the 100,000… pic.twitter.com/7OYVynHn78

— Wu Blockchain (@WuBlockchain) May 8, 2026

Swiss authorities gave the campaign group 18 months to collect signatures for a national constitutional referendum. However, campaign organizers confirmed this week that they would stop the effort before the deadline expires within weeks. The proposal aimed to require the Swiss National Bank to hold Bitcoin together with gold and foreign currency reserves.

Yves Bennaim, founder of the Bitcoin Initiative, discussed the campaign’s collapse during an interview with Reuters this week. Bennaim said campaign organizers expected difficulties because Swiss monetary policy proposals rarely gain constitutional approval through referendums. He also said the campaign successfully pushed Bitcoin reserve discussions into Switzerland’s political and financial debate. Bennaim said, “We knew from the beginning that it was a long shot. For now, we are going to let the initiative lapse.”

The failed campaign means Swiss voters will not decide the Bitcoin reserve proposal through a national public referendum. Moreover, the Swiss National Bank will avoid political pressure to review Bitcoin reserve adoption through constitutional changes.

Swiss crypto companies and blockchain firms in Zug closely followed the campaign because the proposal affected discussions on Bitcoin adoption. Switzerland hosts several digital asset businesses because the country supports blockchain development and cryptocurrency-related financial services. The referendum campaign also prompted Swiss politicians and financial officials to discuss the adoption of Bitcoin reserves more publicly.

Swiss Bitcoin Reserve Faces Central Bank Rejection

The Swiss National Bank repeatedly rejected Bitcoin reserve proposals because officials consider cryptocurrencies unsuitable for reserve management operations. SNB officials said cryptocurrencies fail reserve standards because they lack price stability and dependable liquidity during market stress.

The central bank also said reserve assets must preserve value and support rapid balance sheet adjustments during monetary operations. Therefore, the SNB continues holding reserves mainly through gold, U.S. dollars, euros, and other foreign currencies. SNB officials said gold, dollars, and euros protect reserves better during sharp market volatility and financial disruptions.

The SNB defended its opposition to Bitcoin reserves during public debate surrounding the referendum campaign across Switzerland. Officials cited Bitcoin’s recent losses and ongoing market volatility to justify the bank’s resistance toward reserve adoption. Bitcoin has already lost 7.5% of its value during this year after recording another 6.4% decline last year.

Bennaim said Bitcoin handles tens of billions of dollars in daily trades across global cryptocurrency exchanges. He argued that Bitcoin markets remain active enough to support reserve asset operations.

European Central Bank officials also rejected cryptocurrency reserves during recent public comments about reserve management standards. ECB officials said reserve assets must remain liquid, secure, and stable during financial crises and monetary operations.

Meanwhile, the Czech National Bank purchased about $1 million worth of cryptocurrency and blockchain-related assets last year. Czech officials said the purchase aimed to help the institution study blockchain finance and digital market infrastructure. However, the Czech National Bank bought only $1 million in crypto assets while maintaining larger holdings in traditional reserves.

The Czech National Bank has purchased digital assets for the first time in its history. 🌐

Through this USD 1 million investment, the CNB has created a test portfolio of digital assets based on blockchain. 🔗 In addition to bitcoin, the portfolio will include a test investment… pic.twitter.com/H6qj9HJHRw

— Česká národní banka (@CNB_cz) November 13, 2025

Advocates Defend Bitcoin’s Role In Monetary Diversification

Bitcoin supporters said the referendum campaign focused on reserve diversification rather than short-term cryptocurrency market speculation inside Switzerland. Campaign organizers argued that Switzerland relies too heavily on dollar and euro reserve assets within the SNB balance sheet.

Bennaim argued that Bitcoin differs from traditional reserve currencies because no government controls the cryptocurrency’s monetary network. He said Bitcoin’s decentralized structure aligns with Switzerland’s international neutrality and independent financial identity.

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