Samuel Kullmann’s Initiative for Bitcoin Integration
Samuel Kullmann, a member of the Swiss parliament, has announced his ambitious plans to integrate Bitcoin into the Swiss constitution and advocate for the Swiss National Bank to include it in their reserve assets. In a recent online video, Kullmann outlined his efforts to launch a popular initiative, an important mechanism that would allow Swiss citizens to propose amendments to the constitution, which requires gathering 100,000 signatures. This initiative seeks to incorporate Bitcoin into the foundational legal framework of Switzerland and mandate that the central bank holds a portion of its reserves in the cryptocurrency.
Defensive Tool for Citizen Empowerment
Kullmann described the initiative as a “defensive tool” meant to empower citizens to influence government action and counter legislation they oppose. His advocacy for Bitcoin is not new; he has been a vocal supporter since at least 2021, most recently leading a motion in November 2024 in the Grand Council of the Canton of Bern to assess how Bitcoin mining could help stabilize the energy grid and make use of excess energy. This motion was eventually passed with a vote of 85 in favor and 46 against.
Resistance from the Swiss National Bank
Earlier in January 2025, Kullmann initiated a campaign to amend the Swiss constitution to formally recognize Bitcoin, pushing for the central bank’s involvement in holding Bitcoin as part of its reserves. However, this initiative faces significant resistance. In March 2025, Swiss National Bank Governor Martin Schlegel reiterated the bank’s stance against including Bitcoin and other cryptocurrencies within its foreign exchange reserves, citing concerns over their volatility and regulatory challenges. Schlegel emphasized that the primary goal of the bank’s reserves is to support robust monetary policy, a mission he believes is incompatible with holding digital assets.
Emerging Acceptance of Cryptocurrency
Interestingly, while the Swiss National Bank remains hesitant, certain financial institutions in Switzerland have begun embracing cryptocurrency. For instance, Luzerner Kantonalbank became the first universal Swiss bank to accept Bitcoin and Ethereum as collateral for Lombard loans. Other banks, including Sygnum Bank and Swissquote, have also started to accept major cryptocurrencies and crypto-based ETFs in their lending frameworks.
Global Context of Bitcoin Adoption
Globally, the interest in Bitcoin continues to grow, with the U.S. government being the largest holder of the cryptocurrency, boasting a stash of 326,588 BTC valued at approximately $37.6 billion. Following the U.S. are China and a few European countries like the United Kingdom, Finland, Germany, and Bulgaria, each holding their respective amounts of Bitcoin. The evolving landscape of cryptocurrency, particularly in Switzerland, suggests a potential shift in how established financial structures view digital currencies, even amid resistance from regulatory bodies.
