Nikolas Sargeant
In a bold move that could reshape Switzerland's monetary landscape, parliamentarian Samuel Kullmann has launched an initiative to incorporate Bitcoin into the nation's constitution, marking a significant step in cryptocurrency's journey toward mainstream institutional adoption.
The ambitious proposal, revealed by crypto advocate Dennis Porter during a Swiss panel discussion, requires gathering 100,000 signatures within an 18-month timeframe to trigger a national vote. The initiative has already entered the federal government review stage, indicating early procedural progress.
"Even collecting the 100,000 signatures within 18 months will be a huge victory for Bitcoin," Porter emphasized on social media. "It will result in every Canton-level member of Parliament becoming educated on Bitcoin." Porter, who serves as CEO of Satoshi Act Fund, acknowledges the challenge ahead but remains optimistic about the timing. "It will be a lot of work and I know it's a long-shot, but we need to be taking shots at the end zone now when we have the momentum."
Swiss National Bank Faces Growing Pressure on Bitcoin Adoption
This constitutional initiative coincides with a separate proposal submitted to the Swiss federal chancellery, aimed at requiring the Swiss National Bank (SNB) to include Bitcoin in its monetary reserves. However, the central bank has maintained a cautious stance. SNB Chairman Thomas Jordan expressed skepticism in April 2024, citing concerns about liquidity, sustainability, and trading flexibility of cryptocurrency reserves.
Despite the central bank's hesitation, Switzerland continues to demonstrate leadership in cryptocurrency adoption. Notably, the city of Lugano has emerged as a Bitcoin-friendly hub, with approximately 260 merchants accepting BTC payments. The municipality has further integrated cryptocurrency into its infrastructure by allowing residents to pay taxes using Bitcoin and Tether (USDT).
The timing of Kullmann's initiative appears strategic, following recent market developments and growing institutional interest in cryptocurrency. The proposal, submitted on December 5, represents the culmination of years of preparatory work by Swiss crypto advocates.
If successful, this initiative would make Switzerland the first nation to constitutionally recognize Bitcoin, potentially setting a precedent for other countries considering similar measures. While the path to constitutional amendment remains challenging, the initiative has already sparked important discussions about the future of monetary policy and digital assets in one of the world's leading financial centers.
