Have you ever wondered what it would take for a country to officially embrace Bitcoin—not just as a buzzword, but as a cornerstone of its financial system? In Switzerland, a nation known for its pristine Alps and ironclad banking secrecy, one parliament member is stirring the pot with a bold vision. Samuel Kullmann, a Swiss MP, is spearheading a campaign to enshrine Bitcoin in the country’s constitution and push its central bank to hold it as a reserve asset. It’s a move that’s both audacious and divisive, sparking debates about the future of money in one of the world’s most stable economies.
A Radical Proposal for a Conservative Nation
The idea of embedding Bitcoin into Switzerland’s constitution sounds like something out of a crypto enthusiast’s daydream. Yet, Kullmann is dead serious. He’s not just floating a casual suggestion; he’s actively working to make it a reality through a mechanism called a popular initiative. This process allows Swiss citizens to propose constitutional amendments if they can gather enough signatures—100,000, to be exact. If successful, it could force a nationwide vote on whether Bitcoin deserves a place alongside gold and foreign currencies in the Swiss National Bank’s vaults.
Why Switzerland? The country’s long-standing reputation as a financial haven makes it a fascinating backdrop for this proposal. Swiss banks have been synonymous with stability, discretion, and wealth preservation for centuries. But Kullmann sees Bitcoin as more than a speculative asset—it’s a hedge against inflation, a decentralized dream, and, in his view, a potential pillar of modern finance. I can’t help but admire the guy’s guts. It’s one thing to hype crypto on social media; it’s another to take on the Swiss National Bank.
The Popular Initiative: A Grassroots Push
Kullmann’s strategy hinges on the popular initiative, a uniquely Swiss tool that empowers citizens to shape their government’s policies. It’s like a democratic trump card—gather enough signatures, and you can put almost any idea to a public vote. Kullmann envisions this as a “defensive tool” for the public to hold politicians accountable or push for bold changes, like integrating Bitcoin into the national framework.
The popular initiative lets citizens demand action, even when the establishment resists.
– Swiss political commentator
The process isn’t easy. Collecting 100,000 signatures in a country of just 8.7 million people is a tall order, requiring widespread support and serious organization. But Kullmann’s not starting from scratch. He’s been a vocal Bitcoin advocate since at least 2021, building a reputation as a pro-crypto politician in a parliament not exactly known for embracing digital currencies.
Kullmann’s Track Record: A Crypto Crusader
Kullmann isn’t new to the Bitcoin scene. Back in November 2024, he championed a motion in the Canton of Bern’s Grand Council to explore Bitcoin mining as a way to stabilize the energy grid. The idea? Use surplus energy from renewable sources to power mining operations, turning excess electricity into a financial asset. The motion passed with a solid 85-46 vote, proving Kullmann can rally support for unconventional ideas.
Fast forward to January 2025, and Kullmann doubled down, launching a campaign to amend the Swiss constitution. His goal: formally recognize Bitcoin as a reserve asset and mandate the Swiss National Bank to hold a portion of its reserves in BTC. It’s a long shot, but the fact that he’s even gotten this far shows how far crypto has come in the political sphere. Honestly, it’s kind of thrilling to see a politician take such a bold stance, even if it ruffles feathers.
The Swiss National Bank’s Pushback
Not everyone’s on board with Kullmann’s vision, least of all the Swiss National Bank (SNB). In March 2025, SNB Governor Martin Schlegel made it crystal clear: Bitcoin has no place in the bank’s reserves. His reasoning? It’s too volatile, too unstable, and doesn’t align with the SNB’s mission to support monetary policy. Schlegel’s stance reflects a broader skepticism among central bankers, who see crypto as a risky bet compared to traditional assets like gold or foreign currencies.
Let’s break down the SNB’s objections:
- Volatility: Bitcoin’s price swings are legendary. One day it’s soaring to $115,000; the next, it’s dipping below $100,000. For a central bank obsessed with stability, that’s a dealbreaker.
- Regulatory hurdles: The legal framework for holding digital assets is murky at best, and the SNB isn’t eager to wade into uncharted waters.
- Policy misalignment: The SNB’s reserves are meant to back monetary policy, not fuel speculative investments. Bitcoin doesn’t fit the mold.
Schlegel’s comments highlight a fundamental clash: the decentralized ethos of Bitcoin versus the tightly controlled world of central banking. It’s like trying to convince a librarian to replace books with NFTs—good luck with that.
Swiss Banks Lean Into Crypto
While the SNB digs in its heels, some Swiss banks are warming up to crypto. Certain institutions have started accepting Bitcoin and Ethereum as collateral for loans, a sign that the private sector is more open to digital assets than the central bank. For example, one major bank became the first in Switzerland to allow clients to use BTC and ETH for Lombard loans, a move that signals growing mainstream acceptance.
Other banks have followed suit, offering crypto-based ETFs and credit lines backed by digital assets. It’s a stark contrast to the SNB’s cautious stance and suggests that Switzerland’s financial sector is splitting into two camps: the old guard and the crypto curious. I find it fascinating how these banks are quietly paving the way for crypto adoption, even as the central bank holds firm.
Global Context: Who’s Holding Bitcoin?
Switzerland isn’t the only country grappling with Bitcoin’s role in national finance. According to recent data, the United States leads the pack with a staggering 326,588 BTC in its government coffers, valued at over $37 billion. China follows with 190,000 BTC, while European nations like the UK, Finland, Germany, and Bulgaria also hold significant stashes. Switzerland, however, has yet to join this club.
| Country | Bitcoin Holdings | Estimated Value |
| United States | 326,588 BTC | $37.6 billion |
| China | 190,000 BTC | $21.9 billion |
| United Kingdom | 61,000 BTC | $7 billion |
These numbers show that governments are increasingly treating Bitcoin as a strategic asset, much like gold or oil. Could Switzerland be next? Kullmann certainly hopes so, but the SNB’s resistance suggests it’s an uphill battle.
What Would Bitcoin Reserves Mean for Switzerland?
If Kullmann’s campaign succeeds, the implications could be massive. For one, holding Bitcoin in national reserves would signal that Switzerland views crypto as a legitimate asset class, potentially attracting more crypto businesses to the country. Switzerland’s “Crypto Valley” in Zug is already a hub for blockchain innovation, and this move could cement its status as a global leader.
But there’s a flip side. Adding Bitcoin to the SNB’s reserves could expose the country to financial risks. A sudden price crash—always a possibility in the crypto world—could dent the bank’s balance sheet. Plus, integrating Bitcoin into the constitution would require navigating a maze of legal and political challenges. It’s not just about convincing voters; it’s about rewriting the rules of a famously conservative financial system.
The Road Ahead: Can Kullmann Pull It Off?
Kullmann’s campaign is still in its early stages, and the odds are stacked against him. The SNB’s opposition is a major hurdle, and gathering 100,000 signatures is no small feat. Yet, the growing acceptance of crypto among Swiss banks and the public suggests that the tide might be turning. Perhaps the most interesting aspect is how this debate reflects a broader shift in how we view money. Is Bitcoin a speculative bubble, or is it the future of finance? Kullmann’s betting on the latter.
Bitcoin isn’t just an asset; it’s a movement toward financial freedom.
– Crypto advocate
I’ll be honest: I’m torn. Part of me loves the idea of a country like Switzerland embracing Bitcoin—it’s bold, forward-thinking, and a little rebellious. But another part of me gets why the SNB is hesitant. Crypto’s wild price swings and regulatory gray areas aren’t exactly the stuff of central banking dreams. Still, Kullmann’s push is a reminder that change often starts with one person daring to dream big.
Why This Matters Beyond Switzerland
Kullmann’s campaign isn’t just a Swiss story—it’s a global one. If a financial powerhouse like Switzerland were to adopt Bitcoin as a reserve asset, it could set a precedent for other nations. Imagine the ripple effect: more countries holding BTC, more businesses accepting it, and maybe even a shift in how central banks view digital currencies. It’s a long shot, but stranger things have happened.
For now, the world is watching Switzerland. Will it stick to its conservative roots, or will it take a leap into the crypto unknown? Kullmann’s got his work cut out for him, but if he pulls this off, it could be a game-changer for Bitcoin and the global financial system.
What do you think—could Switzerland become the first major economy to fully embrace Bitcoin? Or is Kullmann’s dream too far ahead of its time? One thing’s for sure: this debate is just getting started.
