Cryptocurrency has been gaining popularity as a reserve currency, with promoters advocating for its inclusion in Switzerland’s currency reserves. A popular initiative led by Yves Bennaïm aims to amend the country’s constitution to include Bitcoin alongside gold in the Swiss National Bank’s reserves. This move would provide flexibility for the SNB to determine the extent of their investment in Bitcoin, and it is seen as a way to spark debate on Switzerland’s future sovereignty and neutrality.
Luzius Meisser, a prominent figure in the financial world, also supports Bitcoin as a reserve currency, citing its long-term robustness compared to traditional investments such as euros and dollars. He believes that including Bitcoin in currency reserves would enhance Switzerland’s independence and neutrality from the European Central Bank. While some may view this demand as challenging due to the rapidly growing crypto valley, proponents believe that being a pioneer in Bitcoin investments could yield significant benefits in the long run.
Recent developments such as the legitimization of Bitcoin as a commodity by the US Securities and Exchange Commission may influence the SNB’s decision to invest in Bitcoin, especially given its positive diversification effects on investments. Scientists also support this cause, emphasizing that diversifying currency reserves with Bitcoin could be a wise move for countries facing increasing national debts and economic risks. However, there is no definitive statement from the SNB yet on whether Bitcoin meets the requirements for currency reserves. Nonetheless, proponents continue to promote its inclusion as they believe it could bolster Switzerland’s reputation as a crypto nation and provide much-needed diversification in a volatile global monetary system.
