A new proposal that would mandate the Swiss National Bank to hold Bitcoin (BTC) is now gathering signatures.
According to Giw Zanganeh, VP of Energy and Mining at stablecoin issuer giant Tether who helped create the initiative, the proposal needs 100,000 signatures from Swiss citizens to be sent to a public referendum.
Says Zanganeh,
“Today we officially launched the popular initiative to add Bitcoin to the Swiss National Bank’s balance sheet.
We will need the full support of our community to gather 100k signatures and make this a national referendum. Details will follow…”
The official X account for the initiative also announced that the signature collection phase has begun and that it needs to break the 100,000 mark by June 30
Switzerland has already pioneered Bitcoin adoption, especially in the city of Lugano where Tether’s “Plan B” initiative has erected a statue of BTC’s anonymous creator Satoshi Nakamoto.
Talks of a potential Bitcoin reserve in Switzerland mirror developments in the US, where President-elect Donald Trump has reportedly been discussing the concept with those in the industry, and Senator Cynthia Lummis has repeatedly called for a BTC reserve to pay down the country’s debt.
Said Lummis in December,
“To be clear, the ‘strategic’ purpose of the Strategic Bitcoin Reserve is to: explicitly, strategically, pay down government debt hanging over the head of every American.
Put future Americans on a better footing, unencumbered by debt that they never supported or benefitted from…
The bill language is to HODL (hold on for dear life) for twenty years (minimum) and establishes proof of reserves.
By that time, the proper next action will be self-evident.”
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