Bitcoin push pits SNB’s orthodoxy against Swiss crypto crowd
Switzerland is set for some self-reflection on its relationship with money, if the country’s Bitcoin evangelists get their way.
Amid intensified global interest in the cryptocurrency, after Donald Trump won the White House with promises of friendlier US regulation, advocates are pushing for a national vote to enshrine it in the Swiss constitution. They want the digital asset to sit alongside the dollar, the euro and gold in the central bank’s reserves.
Under Switzerland’s system of direct democracy, campaigners recently began the process of collecting 100,000 signatures to force a consultation of the electorate. Any subsequent vote would still be years away, giving them plenty of time to argue their case to the public.
The debate they can foment could ultimately compel the Swiss National Bank, a bastion of conservative monetary orthodoxy and one of the country’s most respected institutions, to question how far to embrace an asset that its officials struggle to dignify as wholesome, let alone worth buying.
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