Swiss National Bank May Face Proposal to Add Bitcoin to Currency Reserves Again

Swiss National Bank May Face Proposal to Add Bitcoin to Currency Reserves Again

The Swiss National Bank (SNB) could once again face a proposal to add Bitcoin to its currency reserves, according to a report by Cointelegraph. The proposal is reportedly being prepared by the Swiss non-profit organization 2B4CH, which was founded in 2017 to promote Bitcoin and blockchain technology. 2B4CH argues that adding Bitcoin to the SNB's balance sheet could help secure Switzerland's sovereignty and neutrality in uncertain macroeconomic times, particularly in terms of independence from the European Central Bank. The proposal would need to collect 100,000 signatures within 18 months of submission in order to trigger a national vote. 2B4CH has previously submitted similar proposals in October 2021 and March 2022. Those proposals sought to have the SNB purchase $1.1 billion worth of Bitcoin as part of its reserves, rather than holding German government bonds. According to 2B4CH, had the central bank accepted the proposal at the time, it would have made a profit of over $32.9 billion. The organization also argues that future central banks adding Bitcoin to their balance sheets will force Switzerland to buy Bitcoin at a much higher price. Previously on April 21, 2024, the Swiss National Bank (SNB) faced a similar proposal to add Bitcoin to its currency reserves, as reported by Cointelegraph.