Swiss Bitcoin Reserve Initiative Ends After Signature Shortfall

Overview

• Organizers confirmed Friday the effort will lapse after collecting about 50,000 signatures, which is half of the 100,000 required to force a constitutional referendum.
• The proposal sought to amend Switzerland’s constitution to require the Swiss National Bank to hold Bitcoin alongside gold and foreign currencies.
• The central bank opposed the idea throughout the 18‑month drive, saying reserves must preserve value, stay liquid in stress, and support balance‑sheet flexibility, which it says crypto cannot do.
• Bitcoin’s declines of 6.4% in 2025 and about 7.5% in 2026 undercut claims that it could serve as a stable reserve asset.
• Campaign founder Yves Bennaim called the push a long shot and said it advanced public debate, as other central banks split between small experiments like the Czech National Bank’s 2024 purchase and warnings from the European Central Bank.