Crypto Campaign Urges Swiss National Bank to Diversify with Bitcoin Reserves

• Swiss campaigners push for Bitcoin in SNB reserves to hedge against inflation risks.
• SNB holds 75% reserves in USD and EUR as crypto campaign seeks 1–2% allocation to Bitcoin.
• 11% of Swiss citizens invest in crypto, highlighting growing blockchain adoption.

Cryptocurrency advocates in Switzerland have stepped up to persuade the Swiss National Bank (SNB) to hold Bitcoin in its foreign reserves. The campaign introduced in December 2024 seeks a constitutional amendment that would require the SNB to hold Bitcoin alongside gold.

Luzius Meisser, a board member of Bitcoin Suisse, a cryptocurrency broker and a leading voice in the campaign, stresses that Bitcoin protects against inflation from government debt spending. He pointed out that Switzerland maintains its foreign reserves portfolio mainly in U.S. dollars and euros, exposing it to geopolitical risks and monetary policy changes.

Supporters of the initiative highlight Switzerland’s emerging role as a center for blockchain innovation, citing developments such as Ethereum’s origins in Zug, now widely known as “Crypto Valley.” According to a study by Lucerne University of Applied Sciences and Arts, approximately 11% of Switzerland’s population holds cryptocurrency assets.

SNB Skepticism and Growing Environmental Protests

While the campaign progresses, the Swiss National Bank cautiously approaches cryptocurrency adoption. During his address, Chairman Martin Schlegel expressed the institution’s concerns about Bitcoin, including price volatility, software vulnerabilities, and unstable liquidity. Schlegel stated during his interview with Tages-Anzeiger in March that the software of cryptocurrencies exposes them to possible system weaknesses and cyber threats.

Related: Japan Urged to Adopt National Bitcoin Strategy to Stay Ahead in Global Finance

Meanwhile, environmental issues imposed additional pressure on the SNB during its meeting. Members of Climate Alliance Switzerland protested outside the meeting to demand that the central bank withdraw from financing businesses that contribute to environmental damage. The protest focused on firms that University College London research showed caused sustained ecological destruction in areas like the Amazon rainforest and Brazil’s Cerrado.

Asti Roesle from Climate Alliance Switzerland expressed her concern at the shareholders’ meeting, stating that the SNB’s long-term responsibilities are compromised due to neglect of climate risk. She highlighted Switzerland’s evident climate issues, including glacier melt and destructive weather patterns resulting in landslides and economic damage.

Crypto and Climate Demands at SNB

The referendum initiative requires 100,000 verified signatures to trigger a national vote. If successful, it would mark the first instance globally of mandating a central bank to hold Bitcoin through constitutional reform. Campaigners, including Yves Bennaim of the Bitcoin Initiative group, stressed that a modest 1–2% allocation of the SNB’s nearly 1 trillion Swiss franc reserve could provide a hedge against monetary debasement without significantly increasing volatility risks.

Meanwhile, environmental activists pressured the SNB to implement tighter investment guidelines. They campaigned for an investment model resembling Norway’s sovereign wealth fund, which actively works with companies to set climate standards. According to critics, the SNB’s current passive investment strategy complicates environmental degradation despite its policy of excluding companies that cause severe environmental harm.

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The SNB states that its strategic focus prioritizes inflation control and maintaining market neutrality instead of targeting particular sectors. The rising support from cryptocurrency advocates and environmental activists suggests that the SNB’s investment strategy selection debates will escalate in the coming months.