Swiss Bitcoin Fans Push SNB to Add Bitcoin to Reserves
A group of Swiss Bitcoin enthusiasts, known as 'Crypto Nation Schweiz', is pushing for the Swiss National Bank (SNB) to include Bitcoin in its reserves, alongside gold. They argue this would strengthen Switzerland's independence and neutrality, and has the potential to generate significant unrealized capital gains.
Luzius Meisser, a proponent of the initiative, believes that buying Bitcoin would have generated over 35 billion CHF in unrealized capital gains for Switzerland, compared to a loss of 2.5 billion CHF with German bonds. Meisser plans to present this calculation at the SNB's general assembly next Friday to argue for Bitcoin reserves.
The initiative proposes adding 'and Bitcoin' to the SNB's charter, which currently states that reserves should be held in gold. While the SNB has been investing in currencies and stocks as part of its diversification strategy, it has not yet included Bitcoin. However, since 2022, Bitcoin has become more established in global financial markets, and Switzerland is open to Bitcoin, with some banks allowing customers to buy it and some regions accepting it for taxes.
In 2022, the SNB's president rejected a proposal to buy Bitcoin, citing lack of legal basis and not meeting reserve requirements. The 'Crypto Nation Schweiz' group aims to spark a debate about Bitcoin reserves at the SNB's general assembly, hoping to change the bank's stance.
The 'Crypto Nation Schweiz' group believes that including Bitcoin in the SNB's reserves would not only generate significant unrealized capital gains but also strengthen Switzerland's independence and neutrality. They plan to present their case at the SNB's general assembly next Friday, hoping to spark a meaningful debate about the potential role of Bitcoin in the country's financial future.
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