Swiss Bitcoiners' advocacy for monetary reform

In the heart of Europe, where the Alps stand tall and the financial industry thrives, Swiss Bitcoiners are stirring up a revolution.

Photo by: Ruth Georgia
Photo by: Ruth Georgia

Experts at Bitcoin Decode mentioned that founder and chairman of 2B4CH, a not-for-profit think tank leading the charge, Yves Bennaïm suggested that adding Bitcoin (BTC) to the central bank's reserves would help protect the country's sovereignty and neutrality in an increasingly uncertain world.

Bennaïm said: "We are in the process of completing the organisational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process."

Armed with the belief in the power of Bitcoin to reshape the future of money, these enthusiasts are renewing their efforts to 'orange-pill' the conservative Swiss financial establishment. According to reports, 100,000 signatures from Swiss nationals are required within 18 months for a referendum to be held on issues brought about by Swiss nationals or groups.

The Quest for Monetary Sovereignty

Switzerland has long been known for its stability, both politically and economically. Its currency, the Swiss Franc (CHF), is considered a haven in times of global uncertainty. However, the rise of BTC has sparked a new debate among Swiss citizens – one that challenges the very foundation of their monetary system. With its decentralised nature and fixed supply, BTC starkly contrasts the fiat currencies managed by central banks like the SNB. For Swiss Bitcoiners, embracing BTC isn't just about investing or trading; it's about reclaiming monetary sovereignty.

They argue that by adopting BTC as a parallel currency or reserve asset, Switzerland can safeguard its wealth against inflation, diversify its financial reserves, and assert its independence from the whims of global monetary policies. President of the BTC-focused trading platform BTC Suisse, Luzius Meisser, who is assisting Bennaïm with the initiative, suggested that he will try to convince the Swiss National Bank about the benefits of adding BTC to its balance sheet.

Meisser said: "By including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank. Such a step would strengthen our neutrality." In March 2022, the executive tried to convince the central bank to buy $1.1 billion (1 billion Swiss francs) of BTC each month as an alternative to German government bonds.

Orange-Pilling the SwissNational Bank

The term 'orange pill' refers to enlightening someone about BTCs potential. It is often likened to taking the red pill in The Matrix—a symbol of awakening to a new reality. Swiss Bitcoiners are on a mission to orange-pill not just individuals but institutions, starting with their central bank. Their approach involves a mix of education, advocacy, and strategic engagement. From organising meetups and conferences to publishing research papers and engaging in dialogue with policymakers,

Swiss Bitcoiners are working tirelessly to make their voices heard. One key argument they put forward is the role of BTC as a hedge against currency devaluation. With central banks worldwide engaging in unprecedented monetary expansion, concerns about inflation are on the rise. Swiss Bitcoiners argue that by diversifying a portion of its reserves into BTC, the SNB can protect the purchasing power of the Swiss Franc over the long term. Moreover, they emphasise BTCs potential to enhance Switzerland's position in the global financial landscape.

Switzerland can lead the way by embracing BTC-friendly policies as other countries explore central bank digital currencies (CBDCs) and digital payment systems. Switzerland can strengthen its position as a financial hub for the digital age by fostering innovation and attracting talent and capital in the burgeoning crypto industry.

However, orange-pilling the SNB is a challenging feat. The institution, steeped in tradition and entrusted with maintaining monetary stability, has been cautious in its approach to cryptocurrencies. Concerns about price volatility, regulatory uncertainty, and potential disruption to the existing financial system have tempered enthusiasm for BTC within the central bank.

Yet, Swiss Bitcoiners remain undeterred. They believe that with persistence and patience, they can gradually shift the narrative and persuade the SNB to reconsider its stance on BTC. By highlighting the advantages of adopting BTC as a prudent reserve strategy, they aim to demonstrate that embracing innovation does not necessarily mean compromising stability.

Ultimately, the outcome of this battle for the hearts and minds of Swiss policymakers remains uncertain. But one thing is clear – the Swiss Bitcoiners' renewed efforts to orange-pill their central bank reflect a broader shift in attitudes towards money and finance. As the world grapples with the challenges of an increasingly digital and interconnected economy, the debate over the future of money is far from over. And in Switzerland, at the crossroads of tradition and innovation, Bitcoiners are leading the charge for change. 

Remember that this disclaimer serves as general guidance, and it’s essential to consult legal professionals or financial advisors for personalised advice.