Swiss Bitcoin reserve referendum no work as SNB still dey against am
One Swiss kampaign wey bin dey try make Swiss National Bank (SNB) hold Bitcoin (BTC) alongside gold don comot after e only collect about 50,000 signatures — e miss di 100,000 wey dem need to trigger referendum. Di proposed constitutional change for list BTC next to gold and reserves, but e no talk any fixed BTC allocation.
Supporters tok say BTC fit serve as "insurance" cos SNB dey rely heavily on US dollar and euro assets; about 75% of foreign reserves dey denominated in dollars and euros. But SNB still oppose am, dem talk say Bitcoin no fit for reserves because of volatility and liquidity wahala.
For crypto traders, di failed BTC reserve referendum reduce di chances say Switzerland direct-democracy go create near-term, policy-driven demand for BTC. Di BTC-focused "sovereign reserve" narrative fit cool down, so any price momentum go more likely depend on wider macro liquidity and risk sentiment rather than SNB headlines.
Neutral
Di referendum move forward, so no immediate catalyst make SNB start keep BTC for reserve. Dat reduce chance say Switzerland fit dey drive short-term positive sentiment for BTC. For short term, BTC fit no see as much upside from “sovereign reserve” headlines.
For medium to long term, SNB stated stance (volatility and liquidity risks) show say institutional acceptance go remain slow unless central bank change im framework. But this no mean bearish negative for BTC price because the event na policy-neutral, no be active restriction. Net effect on BTC price therefore likely go remain limited, with traders still dey focus on macro liquidity, rates, and broader risk appetite rather than SNB decisions.