Frequently Asked Questions

It’s important to clarify that we are not talking about “cryptocurrencies” in general, but specifically about Bitcoin. Unlike most other digital assets, Bitcoin is decentralized, neutral, and not reliant on any central authority.

Holding Bitcoin would diversify the SNB’s reserves with an asset that, like gold, gets its value from its unique properties and scarcity. By investing in Bitcoin, the SNB would enhance Switzerland’s financial independence and position itself ahead of global trends, just as it does by holding gold.

We are no longer operating under a gold standard, yet the SNB still holds a significant amount of gold in its reserves. Similarly, if Bitcoin has become a preferred investment for institutions (as evidenced by record-breaking ETFs in the U.S.) and some states, it is only natural for the SNB to hold Bitcoin as well, to safeguard its independence and that of Switzerland in an ever-changing economic landscape.

The beauty of this initiative lies in its simplicity. We deliberately kept the proposed constitutional amendment as minimal as possible, adding only three words to allow the SNB maximum flexibility in fulfilling its mandate. For this reason, we don’t suggest a specific amount or percentage.

Even holding the Bitcoin equivalent of 1 CHF would be a strong first step. The SNB could then adjust its Bitcoin reserves as its needs evolve. The Bitcoin market is highly liquid, making it easy to scale holdings as necessary. The SNB could start by investing an amount similar to its current holdings in MicroStrategy shares.

Of course not. This initiative will not impose Bitcoin as legal tender. It will not compel merchants to accept Bitcoin as a form of payment, nor will it require anyone else to purchase Bitcoin. The only entity involved would be the Swiss National Bank, which would hold Bitcoin in its reserves, much like it holds gold. The initiative is not about making Bitcoin an official Swiss currency—just as gold is not an official Swiss currency.

No. The initiative will not require the Swiss National Bank to peg the Swiss franc to Bitcoin. The SNB will maintain its full independence in conducting monetary policy, just as it does today. The Swiss franc will remain entirely independent of Bitcoin, just as it is currently independent of gold.

While members of the initiative’s committee are involved in the Bitcoin ecosystem, the majority are not directly engaged in the Bitcoin retail or trading business.

It’s important to clarify that this initiative isn’t about artificially inflating Bitcoin’s price. Bitcoin’s value has already grown from zero to over $100,000 without needing this initiative. Its price increases because demand continues to rise while supply remains fixed. If our goal were purely financial gain, we could simply hold Bitcoin and wait. Instead, we’ve chosen to dedicate our time and energy to this initiative because we believe it is in Switzerland’s long-term interest.

At the state level, Bitcoin adoption will likely follow a trajectory similar to the rise of the internet. Smaller countries like El Salvador and Bhutan are already embracing Bitcoin, gaining strategic geopolitical advantages.

Today, Switzerland has a unique opportunity to lead in this transition, not just for its own benefit but also to support other nations in adopting this technology.

Like gold and oil before it, Bitcoin has the potential to redefine global power dynamics, and Switzerland must act now to secure its place in this new landscape.

For long-term investments (5+ years), Bitcoin has shown risk levels comparable to or even lower than many of the Nasdaq equities that the SNB already holds. The SNB does not invest with a short-term mindset, so this concern is largely unfounded.

If the SNB allocated just 0.1% of its reserves to Bitcoin and Bitcoin’s value fell to zero, the maximum potential loss would be 0.1% of its reserves—a far smaller loss than the CHF 132 billion recorded in 2022.

Moreover, the SNB already currently holds 470,000 shares of MicroStrategy, whose value is entirely dependent on Bitcoin. This amounts to $22.98 million of exposure tied directly to Bitcoin’s performance.

The campaign began on December 31, 2024, so the numbers are still small but encouraging. Bitcoiners are passionate and eager to support the initiative.

So far, there hasn’t been significant backlash. Journalists are approaching us for honest discussions, and some politicians are showing interest in understanding our goals. The winter season and early phase of the campaign allow us to launch gradually and refine our approach.

This is a marathon, not a sprint.

Very realistic. The first step is gathering 100,000 signatures from Swiss citizens within 18 months to qualify the initiative for a vote. After that, the government will evaluate the proposal, publish its recommendations, and possibly propose a counter-proposal. This process takes approximately 3.5 years.

We are confident in our ability to gather the required signatures. It’s estimated that around 11% of Swiss citizens already own Bitcoin or similar assets, which means more than 100,000 potential supporters. Motivated Bitcoiners are likely to collect signatures from their family and friends, and we plan to leverage conferences and meet-ups to gather many signatures quickly.

The vote itself, which could happen in about five years, will likely take place in a very different landscape. By then, more people will understand Bitcoin’s value, and global political developments may make it even more relevant to Swiss policymakers.

Absolutely not. Bitcoin doesn’t need us to draw attention—it is already one of the most discussed topics globally, even appearing in political programs like Trump’s.

Some have suggested that we’re simply trying to raise Bitcoin’s price, which is absurd. Bitcoin rose from nothing to $100,000 without this initiative. If our goal were personal profit, we wouldn’t need to volunteer our time and effort; we’d simply save in Bitcoin and wait. Instead, we are working on this initiative because we believe it’s crucial for Switzerland’s future.

We would encourage them to have a conversation with us. Let’s discuss their concerns, and we will answer their questions. Then, if they’re open to it, we will explain why we believe this initiative is not madness but a great opportunity.

Bitcoin does consume energy, but it’s essential to separate energy consumption from environmental harm. Many Bitcoin miners utilize renewable or otherwise wasted energy sources, such as surplus electricity from wind, solar, or hydroelectric power plants. In some cases, mining operations even help stabilize power grids by monetizing excess energy that would otherwise go unused, turning potential waste into economic value.

When compared to the traditional financial system —which relies on extensive infrastructure, global operations, and significant energy-intensive activities— Bitcoin’s energy consumption is far more focused and streamlined. Additionally, by creating demand for overproduced renewable energy, Bitcoin mining incentivizes the expansion and development of sustainable energy projects. While Bitcoin’s energy use deserves thoughtful analysis, its environmental impact is more complex and less detrimental than critics often imply.

Did you know? More than half of Bitcoin mining comes from renewable energy, and this trend is growing every year. More importantly, miners purchasing unused surplus energy from green sources, such as hydroelectric dams, are accelerating investments in energy distribution infrastructure, enabling better access to electricity for local communities.

Did you know? Bitcoin’s global energy consumption is comparable to the annual energy used by household clothes dryers in the United States. Furthermore, “phantom energy” or “standby power” —the electricity drawn by devices that remain plugged in but are turned off— accounts for about 200 TWh annually in the U.S. alone. This figure, which represents 5–10% of residential electricity use, is nearly double Bitcoin’s worldwide energy consumption, highlighting the importance of understanding energy use in broader terms.

Did you know? Finland has started replacing fossil & biomass used to heat full neighbourhoods, with the by-product heat recycled from clean Bitcoin mining. Today, 2% of the country (107,000 people) now receive already existing heat generated by clean energy.

Bitcoin does rely on the internet for transaction processing, but its infrastructure is designed to be resilient. For example, existing satellite-based systems allow Bitcoin transactions without direct internet access, offering additional layers of robustness.

A global internet shutdown would indicate a catastrophic event affecting critical systems worldwide —not just Bitcoin but also banking, communication, and transportation. In such a scenario, Bitcoin’s functionality would be among many other disrupted systems, making this criticism more about hypothetical extremes than practical concerns.

Bitcoin does not fit the definition of a Ponzi scheme. A Ponzi scheme is characterized by a central operator who promises guaranteed returns funded by new investors, with the system collapsing once no new participants join. Bitcoin, by contrast, is decentralized, with no central authority or guaranteed returns.

Bitcoin’s value is driven by market forces—supply and demand. Its price increases as more people recognize its utility and scarcity, similar to how gold gains value. Furthermore, Bitcoin’s open-source and transparent nature stands in direct opposition to the secrecy and fraud typical of Ponzi schemes.

While Bitcoin operates 24/7 without the structured hours of traditional markets, this does not mean it is unregulated. Many countries have established clear legal and tax frameworks for Bitcoin.

Switzerland is a prime example of how Bitcoin operates within clear legal and regulatory frameworks. While Bitcoin itself is decentralized, the services and platforms surrounding it are subject to oversight in many countries, including Switzerland, where it is treated as property.

In Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) ensures compliance with strict Anti-Money Laundering (AML) laws and “Know Your Customer” (KYC) requirements for Bitcoin-related businesses, such as exchanges and wallet providers. Additionally, Bitcoin is subject to taxation: private individuals are exempt from capital gains tax on Bitcoin, but it is subject to wealth tax. If Bitcoin is earned or traded professionally, it is taxed as income. These measures ensure transparency and legal compliance while allowing Bitcoin to flourish as an asset.

Switzerland’s approach to Bitcoin is not limited to regulation—it actively supports innovation and adoption. Zug, famously known as “Crypto Valley,” has become a global hub for Bitcoin and blockchain technology, attracting startups and established firms due to its favorable regulatory environment. In Lugano, the city has gone a step further with its “Plan ₿” initiative, which promotes Bitcoin adoption in daily life by allowing payments in Bitcoin for public services and fostering a local economy based on Bitcoin transactions.

Geneva, a financial center with global reach, is also embracing Bitcoin. It is home to several Bitcoin-related financial institutions and platforms that are integrating Bitcoin into traditional banking and investment portfolios. Combined with the involvement of state-owned institutions like PostFinance and cantonal banks, Switzerland’s cities are leading the way in Bitcoin adoption. This strong regulatory foundation and proactive support for innovation make Switzerland a model for how Bitcoin can coexist with traditional financial systems securely and effectively.

These regulations are designed to ensure investor protection, market integrity, and compliance with broader financial laws. The perception that Bitcoin markets are a “wild west” is increasingly outdated as regulatory clarity grows globally.

Bitcoin’s size and liquidity make large-scale manipulation difficult. With a market capitalization exceeding companies like Tesla and Meta, Bitcoin is more resistant to manipulation than smaller markets or assets.

Additionally, Bitcoin’s blockchain is fully transparent, allowing large transactions to be tracked and scrutinized by anyone. While market forces influence Bitcoin’s price, this transparency and decentralized nature significantly reduce the risk of manipulation compared to traditional financial systems.

Bitcoin isn’t "based on nothing." Its value derives from the energy and computational work required to secure its network and validate transactions. This makes Bitcoin actually comparable to gold, which also derives value from the energy involved for its extraction.

Bitcoin is often opposed to gold, which is usually perceived as having "intrinsic value," but this is a misconception. Unlike essential resources like water or oxygen, gold's value is not inherent to its existence but is instead derived from human conventions. Its properties—such as fungibility, resistance to oxidation, and difficulty of extraction—make it suitable as a form of money, but they do not inherently make it indispensable for survival or practical use.

Globally, gold's usage is dominated by investment and reserves: Central banks hold 17% of the world’s total above-ground gold stock as reserves. Of the remaining 83%, 44% is held as private investment (bars and coins), 47% is used in jewelry, and 9% is used in industrial applications. This distribution highlights that gold's value is heavily reliant on its role as a financial and cultural asset, rather than any intrinsic utility.

Interestingly, jewelry uses gold not because it is the most optimal material, but because its status as a "precious metal" makes it desirable. Pure gold (24-carat) is too soft for practical use, so it is often alloyed to create more durable forms like 18-carat gold, but in countries like India and China, gold plays a dual role as both a cultural symbol and a store of value. Over 50% of gold consumption in these regions is dedicated to jewelry, particularly 24-carat gold, valued not only for its aesthetics but also for its ability to retain and grow wealth.

Quantum computing is not currently a threat to Bitcoin, and its potential future risks are often overstated. Bitcoin relies on cryptographic algorithms like SHA-256 for mining and elliptic curve cryptography (ECDSA) for securing private keys. While quantum computers have the theoretical capability to break certain cryptographic systems, no quantum computer today is powerful enough to threaten these algorithms at the scale Bitcoin operates. Experts estimate that such quantum capabilities are decades away, if they ever materialize.

If quantum computing were to become mainstream, the challenge would not be limited to Bitcoin. Virtually all digital systems, including traditional banking, government communications, military systems, and nuclear facilities, rely on similar cryptographic principles. This means that quantum computing would pose a universal challenge to information security, requiring a coordinated global response. Preparations for such scenarios are already underway: researchers are actively developing "quantum-resistant" cryptographic algorithms, some of which are likely to be integrated into Bitcoin and other systems before quantum computing becomes a practical threat.

Bitcoin’s settlement times, ranging from about 10 minutes to a few hours, are often criticized as slow, but they are remarkably fast when compared to the settlement processes in traditional financial systems. For example, while credit card transactions may seem instant to users, the actual settlement between banks and merchants typically takes 2–3 business days. Similarly, international bank transfers, especially those involving multiple correspondent banks, can take anywhere from several days to over a week to settle completely.

Moreover, merchants face the risk of chargebacks for disputed transactions, which can occur up to months after the initial payment, creating uncertainty about the finality of funds received.

In contrast, Bitcoin transactions are finalized directly on the blockchain without intermediaries and offer true finality. Once a transaction is confirmed on the blockchain, typically within 10 minutes (the time it takes for one block to be mined) and considered irreversible after a few confirmations (about an hour), it is permanently settled. There is no risk of chargebacks or disputes reversing the payment. This immediacy and certainty of settlement, combined with Bitcoin’s ability to operate 24/7 without the delays of traditional banking hours, make its settlement times not only competitive and often superior to traditional financial systems, but also uniquely advantageous in ensuring finality and reliability.

Not at all. For most people, the process is as simple as setting up an account, verifying identity, and transferring funds, which takes a few minutes to a few hours depending on the platform. Buying Bitcoin in Switzerland is relatively straightforward due to the country’s progressive stance on cryptocurrencies. Individuals can purchase Bitcoin through various methods:

- Exchanges and brokers: Platforms like Bitcoin Suisse, Relai, Pocket, etc., allow Swiss residents to buy Bitcoin using Swiss francs or other currencies. Registration requires standard identity verification (e.g., a valid ID and proof of address).
- Banks and Financial Institutions: Some Swiss banks, such as PostFinance, Swissquote, and several cantonal banks, offer services to buy and hold Bitcoin directly.
- Bitcoin ATMs: Switzerland has a network of Bitcoin ATMs, especially in cities like Zurich and Geneva, where users can buy Bitcoin using cash. Additionally, Bitcoin can be purchased at any SBB/CFF ticket vending machine across the entire railway network.
- Retail Stores: Prepaid Bitcoin cards are also available for purchase at post offices and other retail locations, providing even more convenient options for acquiring Bitcoin in Switzerland.

For the Swiss National Bank, buying a relatively small quantity of BTC would be as straightforward and simple. The SNB could use the same platforms available to individuals, such as exchanges, brokers, or over-the-counter (OTC) services. The SNB would need to:

In practical terms, buying a small quantity of BTC is trivial for the SNB. The process would involve minimal time and resources, and the regulatory or operational considerations possibly associated with large-scale acquisitions would not come into play for such a small purchase. This would make it as simple as an individual buying Bitcoin, albeit with institutional oversight and documentation.

We are not accepting financial donations at this time. This may change in the future, but for now, we are not taking any monetary contributions.

If you would like to support the initiative, the best way to "donate" is by contributing your time. Talk to your Swiss friends, family members, colleagues, or neighbors about the importance of this initiative for Switzerland, and collect their signatures. Then, you can further "donate" to support us, by purchasing a stamp to mail the completed sheets to us.

N.B. Signatures can only come from Swiss citizens, but you can help gathering signatures even if you are not Swiss yourself.

Your effort in gathering as many signatures as possible from your personal network is the most valuable donation you can make to our cause. Thank you for your support!

Short answer: No, this would be illegal!

All signatures must be done on a voluntary basis.