Switzerland's Bitcoin Reserve Push Collapses — Campaign Falls 50,000 Signatures Short!

A Swiss campaign to amend the Federal Constitution and require the Swiss National Bank to hold bitcoin alongside gold and foreign-currency reserves has been abandoned after collecting only around 50,000 of the 100,000 signatures needed to trigger a national referendum. The group had 18 months to gather the required support and fell roughly halfway short.

The proposal framed BTC as a neutral reserve asset and a hedge against the SNB's heavy dollar and euro exposure — currencies that reportedly account for about three-quarters of the bank's foreign-currency holdings. The constitutional text did not specify a target allocation, leaving the exact size of any BTC position open.

The SNB had already signalled its opposition last year, citing bitcoin's liquidity profile and price volatility as incompatible with the requirements of a central bank reserve asset. That institutional resistance,…