- Martin Schlegel, Chair of the Swiss National Bank, has raised concerns regarding Bitcoin’s energy consumption and its suitability as a payment method.
- Several U.S. states are beginning to explore the idea of including Bitcoin in their reserves.
- Riot Platforms, a Bitcoin mining firm, revealed plans to raise $500 million through a private bond offering to increase its Bitcoin reserves.
The Swiss federal chancellery has introduced a proposal to require the Swiss National Bank (SNB) to hold Bitcoin as part of its monetary reserves.
This initiative, led by Giw Zanganeh, Tether’s Vice President of Energy and Mining, and Yves Bennaïm, founder of the Swiss Bitcoin nonprofit think tank 2B4CH, was officially published in Switzerland’s Federal Gazette on December 31. It will need 100,000 signatures to be eligible for a public referendum.
A group of eight Bitcoin proponents has joined forces to advocate for an initiative to revise Article 99, Paragraph 3 of the Swiss Federal Constitution. The proposed change would obligate the Swiss National Bank (SNB) to allocate a portion of its monetary reserves to Bitcoin alongside gold.
The proposal
This proposal, formally submitted on December 5, is the result of years of planning. Originally, 2B4CH had intended to propose a similar initiative in 2021 but postponed it, anticipating a more favorable reception for the idea of a nation-state adopting Bitcoin in its reserves.
The advocates for Bitcoin have until June 30, 2026, to secure the necessary signatures, amounting to roughly 1.12% of Switzerland’s 8.92 million citizens.
If the required number is obtained, the proposal will advance to a national referendum. Despite growing Bitcoin adoption in Switzerland, particularly in Lugano, where around 260 merchants accept BTC, the initiative continues to face some skepticism.
Martin Schlegel, Chair of the Swiss National Bank, has raised concerns regarding Bitcoin’s energy consumption and its suitability as a payment method. Globally, the notion of governments holding Bitcoin is gaining support.
The global support
In the United States, Senator Cynthia Lummis is backing a bill that would designate Bitcoin reserves for Treasury management. Similarly, lawmakers in Brazil and Poland have shown interest in creating Bitcoin reserves.
In Hong Kong, legislator Wu Jiezhuang has suggested leveraging the city’s “one country, two systems” framework to include Bitcoin in its national reserves, aiming to strengthen financial security.
Several U.S. states are beginning to explore the idea of including Bitcoin in their reserves. Ohio recently joined this trend, with House Republican leader Derek Merrin introducing a bill to add Bitcoin to the state’s treasury reserves.
This effort aligns with similar initiatives in Texas and Pennsylvania. On December 12, 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which would require the state comptroller to hold Bitcoin as a reserve asset for a minimum of five years.
Similarly, in November, Pennsylvania advanced its plans with Representative Mike Cabell’s proposal to allocate up to 10% of the state treasury’s balance sheet to Bitcoin. Corporate entities, alongside state governments, are also growing their Bitcoin holdings.
Well-known Bitcoin holders, MicroStrategy and Metaplanet, have significantly expanded their reserves. On December 10, MARA Holdings (MARA) announced the acquisition of 11,774 BTC, further reinforcing its presence in the market.
In a similar move, Riot Platforms, a Bitcoin mining firm, revealed plans to raise $500 million through a private bond offering to increase its Bitcoin reserves.
