Cryptocurrency advocates secured only half of the 100,000 signatures required to force a Swiss national vote on Bitcoin reserves.
Swiss cryptocurrency advocates will abandon a campaign to mandate the Swiss National Bank (SNB) to hold Bitcoin in its reserves. The effort fell short, gathering roughly 50,000 signatures—only half of the 100,000 needed to trigger a national referendum.
The SNB had previously dismissed the proposal, citing Bitcoin’s volatility and insufficient liquidity as incompatible with reserve requirements. The campaign’s failure marks a setback for crypto adoption in traditional financial systems.
No immediate market reaction was reported following the announcement.