The Swiss National Bank (SNB) has declined proposals to include Bitcoin in its foreign reserves, citing volatility and concerns over market liquidity. While some advocate for a constitutional change to mandate Bitcoin’s inclusion as a part of national reserves by 2026, the SNB prefers traditional assets like foreign currencies and gold for building reserves. This decision highlights Switzerland’s conservative approach towards blockchain adoption despite its leading role in blockchain development.
A recent proposal aims to require the SNB to include Bitcoin alongside gold in their reserves through a constitutional amendment. This initiative faces hurdles as advocates seeking public support must gather 100,000 signatures by June 30, 2026, for a national referendum. Supporters of this move argue that Bitcoin could offer protection during global financial instability. They also highlight its decentralized structure as potentially valuable if trust in government debt weakens worldwide.
However, the SNB maintains stability and liquidity remain top priorities when managing reserves, favoring traditional assets over cryptocurrency-based options. The SNB currently holds a massive portfolio exceeding $900 billion in foreign currency holdings (primarily US dollar and Japanese yen) and gold reserves of around $94 billion. While global cryptocurrency adoption continues to grow, the SNB remains steadfast in their current reserve strategy.
In contrast, South Korean presidential candidate Hong Joon-pyo has proposed a plan to invest $35 billion into emerging technologies, including blockchain, while Japan and the European Central Bank maintain cautious stances toward Bitcoin as a national reserve asset. International views on Bitcoin’s role as a national reserve continue to be divided.