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Fear & Greed:
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Bitcoin:
$ 69.079
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Swiss Bitcoiners Rally for National Reserve Reform: A Bid for Bitcoin

Switzerland National Bank

In a cagey move to enhance Switzerland’s financial sovereignty, a partnership of Swiss Bitcoiners, spearheaded by Yves Bennaïm of 2B4CH, is relighting the battle to make the Swiss National Bank (SNB) accept Bitcoin as a part of its reserve assets. This resurrected initiative comes after a failed attempt in October 2021, as the required number of signatures for a referendum failed to materialize.

Championing Sovereignty Through Bitcoin

Yves Bennaïm, the founder of 2B4CH, states that Bitcoin plays a critical role in Switzerland’s financial system, which is responsible for its sovereignty and neutrality; this is particularly essential in times of global instability. He told NZZ that the organizational groundwork for the petition process had already begun.

The Swiss National Bank Faces Pressure

Luzius Meisser, the president of Bitcoin Suisse, is collecting signatures for this request. He suggests that adopting Bitcoin as its reserve currency would not only mean freedom from the European Central Bank but also give the Swiss banking sector its reputation for neutrality. Meisser goes a step further by allocating a future event with the Swiss National Bank, where he will outline the benefits of Bitcoin integration, buttressing the stats indicating as such.

A Tale of Missed Opportunities and Future Prospects

Even though the SNB had taken various steps to influence their decision earlier, including purchasing a substantial quantity of bitcoin around the end of 2022, the central bank was still skeptical. Contrarily, supporters such as Meisser believe that warning against this would only be at the expense of Switzerland in the long run if other countries continued with Bitcoin acquisitions.

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Hope Amid Regulatory Shifts

Leon Curti, the CEO of Digital Asset Solutions, is also optimistic about Bitcoin after the approval of Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong. He thinks that those developments might cause the bank to review its position concerning Bitcoin investments.

International Support and Remaining Hurdles

Swiss politician and Bitcoin fanatic Joana Cotar praised the measure as a step towards personal financial freedom that is largely endorsed by crypto fans the world over. But there are difficulties too that must be overcome by the campaign team to get 100,000 Swiss citizens’ signatures within only 18 months.

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