The “Bitcoin Initiative” initially aimed to incorporate Bitcoin as a reserve currency into Article 99-3 of the Swiss Federal Constitution. The goal was to garner support from about 1.15% of the Swiss populace, which amounts to approximately 8.77 million people.
Luzius Meisser, the leader of Bitcoin Suisse, aimed to use Bitcoin’s inclusion to strengthen Switzerland’s financial independence from the European Central Bank and reinforce its neutral stance. He had a meeting scheduled with the Swiss National Bank on April 26 to present his arguments in a brief three-minute slot.
In March 2022, Meisser had proposed that the Swiss National Bank buy $1.1 billion in Bitcoin monthly instead of German government bonds, but Thomas Jordan, Chair of the Swiss National Bank, did not accept the suggestion and declared that Bitcoin did not meet the necessary criteria to be considered a reserve currency. Meisser believes that adopting his recommendation would have generated an additional $32.9 billion for the central bank.
He also warned that delays could result in higher acquisition costs, as other central banks might begin purchasing Bitcoin. Leon Curti, head of research at Digital Asset Solutions, remains optimistic that recent approvals of Bitcoin spot exchange-traded funds in the US and Hong Kong could sway the Swiss National Bank’s stance on Bitcoin investment.
The initiative has also drawn support from international figures such as Joana Cotar, a German politician and Bitcoin activist, who is notably critical of a European Union-backed digital currency. Notable entities supporting the initiative included the Cardano Foundation, Ethereum Foundation, Nexo, and Metaco, a custody solution owned by Ripple.