Swiss Bitcoin advocate, Yves Bennaïm, recently launched a national referendum, which, if it garners 100,000 valid signatures from citizens, will determine whether the Swiss National Bank (SNB) should include Bitcoin in its national asset reserves.
(Background:
KPMG survey: German, Swiss… European investors allocate 25% of total assets to cryptocurrencies
)
(Supplementary background:
El Salvador’s Bitcoin holdings make $83 million profit! Legendary investor Tim Draper: it will become the wealthiest country in the world
)
Table of Contents
Requires 100,000 Swiss citizen signatures
Meisser: Switzerland should have adopted the proposal earlier
El Salvador’s Bitcoin holdings profit $68 million
Led by Yves Bennaïm, founder of the non-profit think tank 2B4CH, Swiss Bitcoin advocates have recently launched a nationwide referendum aiming to urge the Swiss National Bank (SNB) to include Bitcoin in its national asset reserves.
Requires 100,000 Swiss citizen signatures
Currently, this initiative requires 100,000 valid signatures from Swiss citizens within 18 months, after which all Swiss nationals can vote on the proposed constitutional amendment. Switzerland currently has a population of 8.77 million, meaning approximately 1.15% of the local population needs to sign the petition.
Bennaïm stated:
Meisser: Switzerland should have adopted the proposal earlier
In fact, the idea was proposed as early as October 2021 by Bennaïm’s 2B4CH, whose mission is to add Bitcoin as a reserve currency to the Swiss Federal Constitution. They suggested that the Swiss central bank should start purchasing 1 billion Swiss francs (approximately $1.1 billion) worth of Bitcoin per month from March 2022, as an alternative to buying German government bonds.
However, at that time, the President of the Swiss National Bank, Thomas Jordan, stated that Bitcoin did not meet Switzerland’s currency reserve requirements in April 2022. Regarding this proposal, Meisser, a supporter of Bennaïm, expressed:
El Salvador’s Bitcoin holdings profit $68 million
A practical example prior to Switzerland’s case is El Salvador, whose President, Nayib Bukele, fully embraced Bitcoin. El Salvador officially adopted Bitcoin as its legal tender in September 2021 and purchased a total of 3,062 Bitcoins at an average price of $40,594.93 between 2021 and 2022, with a total investment cost of approximately $124 million.
On March 16th this year, Bukele also publicly announced the continuous purchase of 1 Bitcoin through daily investments. According to Bitcoin browser Mempool data, El Salvador currently holds nearly 5,728 Bitcoins, with a total value of approximately $380,935,511, yielding unrealized profits exceeding $68 million.
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