Swiss Bitcoin advocate Yves Bennaïm has recently launched a nationwide referendum, which, if it garners 100,000 valid signatures from citizens, will decide whether the Swiss National Bank (SNB) should include Bitcoin in its national asset reserves.
(Prior Summary:
KPMG Survey: German, Swiss… European Investors Allocate 25% of Total Assets to Cryptocurrencies
)
(Background Supplement:
El Salvador’s Bitcoin Holdings Yield $83 Million! Legendary Investor Tim Draper: It Will Become the Wealthiest Nation in the World
)
Table of Contents:
Requires 100,000 Swiss Citizen Signatures
Meisser: Switzerland Should Have Adopted the Proposal Earlier
El Salvador’s Bitcoin Holdings Yield $68 Million
Led by Yves Bennaïm, founder of the non-profit think tank 2B4CH, Swiss Bitcoin advocates have recently initiated a
nationwide referendum
aimed at urging the Swiss National Bank (SNB) to include Bitcoin in its national asset reserves.
Requires 100,000 Swiss Citizen Signatures
Currently, this initiative requires 100,000 valid signatures from Swiss citizens within a period of 18 months, after which all Swiss nationals can vote on the proposed constitutional amendment. Switzerland currently has a population of 8.77 million, which means approximately 1.15% of the local population needs to sign the petition.
Bennaïm stated:
Meisser: Switzerland Should Have Adopted the Proposal Earlier
In fact, the idea was proposed by Bennaïm’s 2B4CH as early as October 2021, stating its mission to add Bitcoin as a reserve currency to the Swiss Federal Constitution and suggesting that the Swiss central bank purchase CHF 1 billion (approximately $1.1 billion) worth of Bitcoin per month starting from March 2022 to replace the purchase of German government bonds. However, at that time, Thomas Jordan, the president of the Swiss National Bank, stated that Bitcoin did not meet Switzerland’s monetary reserve requirements in April 2022. Regarding the current proposal, Meisser, a supporter of Bennaïm, said:
El Salvador’s Bitcoin Holdings Yield $68 Million
An actual case prior to Switzerland’s embrace of Bitcoin is El Salvador, where President Nayib Bukele fully embraced Bitcoin and officially declared it as the
national legal tender
in September 2021. From 2021 to 2022, El Salvador bought a total of 3,062 bitcoins at an average price of $40,594.93, with a total investment cost of approximately $124 million. On March 16th of this year, Bukele also publicly announced the continuous purchase of one bitcoin per day through dollar-cost averaging:
Currently, according to Bitcoin browser Mempool data,
El Salvador holds nearly 5,728 bitcoins, with a total value of approximately $380,935,511, yielding unrealized profits exceeding $68 million.
Related Reports
El Salvador Makes Huge Profits of Over 40% with Bitcoin Investments! President Bukele: Our Skeptics Have Gone Silent
El Salvador’s “Billion Dollar Bitcoin Volcano Bonds” to Launch in Early 2024! Issued Through Bitfinex
Argentina Passes “Bitcoin Can Be Used for Commercial Settlements,” Fanatical President Vows to Create Crypto Paradise