There will no longer be a vote on Switzerland's ambitious plan to add Bitcoin to its national reserves. Instead, the country quietly admitted that public support never reached the level needed to bring about one.
The Bitcoin Initiative aimed to compel the Swiss National Bank (SNB) to hold Bitcoin. This was to be alongside gold and foreign currency reserves. However, the initiative has been abandoned. Organizers collected only about 50,000 signatures. This is roughly half of the 100,000 required under Swiss law to launch a constitutional referendum. With just weeks left on the 18‑month deadline, the campaign has no realistic path forward.
A Bold Constitutional Proposal
The goal of the campaign was to change Article 99 of Switzerland's constitution from "in gold" to "in gold and Bitcoin." Because of that change, the SNB would have had to put some of its reserves worth almost one trillion francs into Bitcoin.
Supporters said that even a small amount of Bitcoin could make Switzerland's money more secure. They suggested holding 1 to 2 percent of reserves in Bitcoin. This approach could help Switzerland avoid relying on dollar and euro‑denominated assets in the long term. At the moment, these two currencies make up about three quarters of the SNB's foreign currency reserves. Supporters of Bitcoin saw this as a structural weakness.
The founder of the campaign, Yves Bennaim, stayed philosophical after losing. He told Reuters, "We knew from the start that it was a long shot." As proof that Bitcoin is not illiquid, he pointed out that the fact that it is traded for tens of billions of dollars every day. This was in response to the SNB's concerns about liquidity. He said the goal was to get the Swiss government to look into a technology that is changing the way global finance works.
The SNB's Firm Stance
The Swiss National Bank was never sympathetic to the proposal. SNB Chairman Martin Schlegel has stated that cryptocurrencies "cannot currently fulfil the requirements for our currency reserves," citing volatility and liquidity as key obstacles. Officials also said that the mix of gold and foreign currency already gives them enough power to control money supply and protect the Swiss franc.
Bitcoin's recent price performance only strengthened the SNB's position. After dropping 6.4% in 2025, the asset lost 7.5% of its value in 2026. It was harder for supporters of Bitcoin as a reserve asset to make the case for two years in a row of losses.
Broader European Divisions
The failed proposal highlights wider European divisions over whether central banks should hold Bitcoin reserves. Some banks are still looking into blockchain technology and digital assets, but others are still wary of Bitcoin's price drops and risks to its liquidity. Officials from the European Central Bank have said that reserve assets must stay stable, liquid, and safe. Bitcoin's critics say that this isn't always the case.
That being said, Switzerland's private financial sector has a different story to tell. Recently, Swiss crypto bank AMINA Bank became the first lender regulated by FINMA to offer custody and trading for Canton Coin. This means that institutional clients can now safely access the Canton Network, which focuses on tokenized assets, collateral management, and financial settlement systems.
What Comes Next
Despite falling short, Bennaim noted that the campaign had moved the conversation forward on digital assets and central bank policy, and backers have not ruled out pursuing similar initiatives again under Switzerland's direct democracy system.
For now, there won't be a binding public vote on Bitcoin reserves for the SNB, and the country with the best reputation for being crypto‑friendly is still firmly in the traditional camp at the institutional level.
