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EddieJayonCrypto

 22 Apr 24

tl;dr

Yves Bennaïm and a group of Swiss Bitcoin advocates are leading a referendum to amend the Swiss constitution, requiring the Swiss National Bank to include Bitcoin in its currency reserves alongside gold. Advocates believe that this move would safeguard Switzerland's sovereignty, protect against infl...

Yves Bennaïm and a group of Swiss Bitcoin advocates are leading a referendum to amend the Swiss constitution, requiring the Swiss National Bank to include Bitcoin in its currency reserves alongside gold. Advocates believe that this move would safeguard Switzerland's sovereignty, protect against inflationary pressures, and initiate a crucial debate on the nation's financial future. While some industry experts and academics support the initiative, critics raise concerns about Bitcoin's volatility and regulatory uncertainties.

A group of Swiss Bitcoin advocates led by Yves Bennaïm has initiated a referendum to amend the Swiss constitution in a way that would mandate the Swiss National Bank (SNB) to include BTC alongside gold in its currency reserves, as reported by local media. The proposed amendment seeks to modify the clause mandating the SNB to “build up sufficient currency reserves from its earnings; part of these reserves shall be held in gold,” to now include “and Bitcoin.”

Yves Bennaïm expressed that the initiative aims to “protect our sovereignty and neutrality” in an uncertain global economy and to “initiate a debate” on Switzerland's future financial direction. Supporters cite Bitcoin's potential to provide a hedge against inflationary pressures and declare Switzerland’s financial independence from major central banks.

The initiative has garnered support from notable figures in the industry, including Luzius Meisser, President of the asset management division at Bitcoin Suisse, who highlighted Bitcoin's long-term robustness compared to traditional investments. However, critics point to Bitcoin’s historic volatility and regulatory uncertainties as potential drawbacks for national central banks' conservative strategies.

Luzius Meisser estimates that an aggressive buying strategy of Bitcoin could have significantly enriched Switzerland’s reserves. He claims that had the SNB commenced buying CHF 1 billion worth of Bitcoin every month starting in 2022, Switzerland could be around 30 billion francs ($32.9 billion) richer today.

The referendum, if successful, could not only impact Switzerland’s financial strategy but could also serve as a benchmark for other nations. As the SNB prepares for its upcoming Annual General Meeting, all eyes will be on how it addresses this unprecedented proposal.

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.