Swiss Bitcoin reserve referendum fails as SNB stays opposed
A Swiss campaign to require the Swiss National Bank (SNB) to hold Bitcoin (BTC) alongside gold has ended after collecting only about 50,000 signatures, missing the 100,000 threshold to trigger a referendum. The proposed constitutional amendment would have listed BTC next to gold and reserves, but it offered no fixed BTC allocation.
Supporters said BTC could act as “insurance” given SNB’s heavy reliance on US dollar and euro assets, with about 75% of foreign reserves denominated in dollars and euros. However, the SNB remains opposed, reiterating that Bitcoin is not suitable for reserves due to volatility and liquidity concerns.
For crypto traders, the failed BTC reserve referendum lowers the odds of near-term, policy-driven demand for BTC from Switzerland’s direct democracy process. BTC-focused “sovereign reserve” narratives may cool, so any price momentum is more likely to depend on broader macro liquidity and risk sentiment than SNB headlines.
Neutral
The referendum did not move forward, so there is no immediate catalyst for BTC reserve adoption by the SNB. That reduces the chance of a near-term, Switzerland-driven sentiment impulse. In the short term, BTC may see less upside from “sovereign reserve” headlines.
Medium to long term, the SNB’s stated stance (volatility and liquidity risks) suggests institutional acceptance will remain slow unless the central bank’s framework changes. However, this is not a bearish negative for BTC pricing because the event is policy-neutral rather than an active restriction. Net effect on BTC price is therefore more likely to be limited, with traders still focusing on macro liquidity, rates, and broader risk appetite rather than SNB decisions.