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U.Today1 min read
Swiss Bitcoin Reserve Effort Withdrawn After Resistance From Central Bank
TL;DR
A campaign to require the Swiss National Bank to hold Bitcoin alongside gold has failed to gather enough signatures for a national referendum. Despite this setback, founder Yves Bennaim plans to make another attempt in the future.
Key points
- Swiss Bitcoin reserve campaign failed to gather signatures
- Campaign aimed to require SNB to hold Bitcoin
- Yves Bennaim plans to make another attempt
Mentioned in this story
Swiss National BankYves Bennaim
Campaign founder Yves Bennaim isn’t giving up. Even after his group failed to gather enough signatures to force a Swiss national referendum on Bitcoin reserves, Bennaim said another push could follow.
The Swiss direct democracy system requires campaigns to hit a signature threshold within 18 months — his team didn’t make it.
A Bold Proposal That Didn’t Get Off The Ground
The initiative would have required the Swiss National Bank to hold Bitcoin alongside gold and foreign currencies. Supporters argued that adding Bitcoin to the SNB’s reserves would reduce dependence on the US dollar and the euro.
Bennaim drew a parallel to Switzerland’s long-standing tradition of neutrality, framing Bitcoin as an independent alternative to the dominant global currencies.
He also pushed back against claims that Bitcoin lacks liquidity, pointing to the billions of dollars moving through international crypto exchanges every day.
LATEST: 🇨🇭 Swiss crypto advocates are abandoning their bid to force the Swiss National Bank to hold Bitcoin, falling short of the 100,000 signatures needed for a constitutional referendum. pic.twitter.com/q95Eio5uCq
— CoinMarketCap (@CoinMarketCap) May 8, 2026
But the SNB wasn’t persuaded. The bank has remained cautious, and European Central Bank policymakers have made their position clear — reserve assets must be liquid, secure, and stable.
Bitcoin’s price record hasn’t helped its case. The cryptocurrency has dropped roughly 7% so far this year, following a record $126k ATH in October 2025.
Europe Still Divided On Crypto In Central Bank Reserves
Based on reports from Reuters, the failed Swiss campaign reflects a wider disagreement across Europe. Policymakers have not reached any consensus on whether digital assets belong in central bank reserve strategies.
Q&A
Why did the Swiss Bitcoin reserve campaign fail?
The campaign failed to gather the necessary signatures within the 18-month deadline required by the Swiss direct democracy system.
What was the goal of the Swiss Bitcoin reserve initiative?
The initiative aimed to require the Swiss National Bank to hold Bitcoin in its reserves alongside gold and foreign currencies.
Who is Yves Bennaim and what are his plans for the Bitcoin campaign?
Yves Bennaim is the campaign founder who plans to make another attempt to push for Bitcoin reserves despite the recent failure.
