Crypto activists attempting to compel the Swiss National Bank (SNB) to include Bitcoin in its reserves failed to gather the necessary signatures for a referendum, reports Reuters.
Under Swiss law, 100,000 signatures were required within 18 months to bring the initiative to a national vote. However, the activists managed to collect only about half of the required number with just weeks remaining before the deadline.
“We knew from the start that it was a long shot. For now, we will let the initiative lapse, but progress towards the goal has been made,” said campaign founder Yves Bennaim.
The organizers of the Bitcoin Initiative proposed that the central bank hold the first cryptocurrency in its reserves alongside gold, dollars, and euros. They argued this would help diversify risks associated with fiat currencies.
The SNB has repeatedly opposed the idea of holding cryptocurrencies in its reserves. The head of the regulator, Martin Schlegel, pointed to high volatility, insufficient market depth, and the complexity of using digital assets for monetary policy purposes.
Last year, the price of Bitcoin fell by approximately 6.4%, and it has lost another 7.5% since the beginning of this year. However, with daily transaction volumes in the “tens of billions of dollars,” the asset is not illiquid, noted Bennaim.
According to him, the Bitcoin Initiative was an attempt to encourage the national bank to explore a technology that is transforming global finance.
“Bitcoin is an alternative to the dollar or euro, and like Switzerland, it is internationally neutral,” stated the crypto activist.
The First Cryptocurrency in National Reserves
In September 2021, El Salvador became the first country to legalize Bitcoin. To facilitate the exchange of cryptocurrency and the dollar, the government initially purchased 550 BTC.
At the time of writing, the country has accumulated 7,645 BTC valued at approximately $615 million, according to BitcoinTreasures. The fund is periodically replenished with significant amounts, but it is unclear how this is financed. Under an agreement with the IMF, the government ceased cryptocurrency purchases. Experts from the international organization confirmed that the agreements are being honored.
For several years, Bhutan actively built a Bitcoin reserve. The state quietly began supporting the mining of digital gold.
At its peak in October 2024, the kingdom held approximately 13,000 BTC. However, since then, the sovereign fund Druk Holding and Investments has liquidated most of its holdings, now totaling just 3,220 BTC (Arkham).
In January 2025, the Czech National Bank (CNB) approved a proposal to explore investment opportunities in additional asset classes, including Bitcoin. The initiative was put forward by CNB Governor Aleš Michl. He proposed allocating up to 5% of the €140 billion reserves to Bitcoin.
As part of the CNB program, a test portfolio of $1 million was created in November, including the first cryptocurrency, stablecoins, and tokenized deposits.
In November, the head of Kazakhstan’s National Bank, Timur Suleimenov, announced the creation of a state Bitcoin reserve of up to $1 billion.