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Key Takeaways:
Decentralisation and financial sovereignty: They would stress the importance of decentralisation in financial systems, highlighting Bitcoin as a tool for individuals to regain control over their finances.
Inflation resistance and sound money principles: Swiss Bitcoiners would likely emphasise the flaws in traditional fiat currencies, especially regarding inflation. They might argue that Bitcoin’s fixed supply and deflationary nature make it a superior store of value compared to fiat currencies prone to inflationary pressures. Advocates would likely promote the concept of sound money, arguing that Bitcoin’s monetary policy provides a more stable and predictable medium of exchange.
Transparency and Accountability: Swiss Bitcoiners would likely advocate for transparency and accountability in monetary systems. They might criticise the opacity of the central bank’s monetary policies and advocate for Bitcoin’s transparent blockchain as a solution. Promoting Bitcoin as a decentralised and transparent alternative aims to foster trust in the monetary system and reduce the potential for manipulation by central authorities.
In the heart of Europe, where the Alps stand tall, and the financial industry thrives, Swiss Bitcoiners are stirring up a revolution.
Overview
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 safe 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. They also emphasise BTCs potential to enhance Switzerland’s position in the global financial landscape.