A Swiss referendum campaign to force the Swiss National Bank to hold a Bitcoin reserve has ended after failing to gather enough signatures. The central bank had rejected the idea, citing concerns over Bitcoin’s volatility and liquidity. Supporters argued such a reserve could diversify Switzerland’s foreign currency holdings away from the dollar and euro.
A campaign to amend Switzerland’s constitution and mandate a Bitcoin reserve at the Swiss National Bank has concluded without success. The organizers gathered only about 50,000 signatures, falling short of the required 100,000, according to a Reuters report.
The central bank repeatedly rejected the notion because digital currencies failed to meet its safety and liquidity criteria. Authorities remain cautious about including digital currency reserves due to price fluctuations and inadequate market depths.
Campaign founder Yves Bennaim stated that while the initiative was risky, it gained traction for the concept of a Bitcoin reserve in modern finance. Supporters argued it would reduce reliance on dollar- and euro-denominated assets dominating the bank’s foreign portfolio.
Globally, interest in national Bitcoin reserves is growing but government acceptance remains limited. El Salvador became the first nation to establish what can be termed a national Bitcoin reserve under President Nayib Bukele in 2021. Data from BitcoinTreasuries.com indicates the country still holds its 7,645 BTC.
Bhutan also accumulated substantial Bitcoin reserves through government-supported mining using hydropower. An analysis by Arkham Intelligence shows its holdings fell drastically from around 13,000 BTC in 2024 to just 3,654 BTC by April 2026.
Other major government holdings, like those in the USA, China, and the UK, come from seizures rather than a reserve strategy. A significant policy shift occurred in March 2025 when President Donald Trump issued an executive order establishing a Strategic Bitcoin Reserve in the U.S.
The order stated the strategic reserve would be backed by government-owned Bitcoin but not be for sale. The failed Swiss proposal illustrates that while interest is increasing, most central banks are not ready to take action.
