As cryptocurrencies disrupt the global monetary system, Switzerland is taking a notably cautious stance. The Swiss National Bank (SNB) has firmly rejected integrating Bitcoin into its official reserves, even as a citizen-led movement pushes for its adoption at the highest level.
At the SNB's annual meeting on April 25, 2025, President Martin Schlegel reaffirmed that Bitcoin’s volatility and lack of liquidity make it incompatible with the bank’s strict stability requirements. The SNB’s top priority remains ensuring that its reserve assets can be rapidly mobilized during periods of economic stress—a standard Bitcoin currently cannot meet.
Meanwhile, a pro-Bitcoin initiative led by entrepreneur Luzius Meisser seeks to amend Switzerland’s Constitution to force Bitcoin adoption into national reserves alongside gold. The movement is leveraging Switzerland’s unique direct democracy model, and if successful, could trigger a national referendum—potentially making Switzerland the first country to mandate crypto holdings at the central bank level.
The debate highlights a growing tension between central bank conservatism and popular demand for financial innovation, signaling broader questions about the future role of cryptocurrencies in sovereign strategies.