Switzerland's proposal to allocate Bitcoin reserves to its central bank failed because the petition did not reach the threshold for a referendum.

According to Mars Finance, on May 9th, a Swiss initiative requiring the Swiss National Bank (SNB) to include Bitcoin in its official reserves failed due to insufficient signatures. The initiative aimed to amend the Swiss constitution, requiring the SNB to hold BTC reserves in addition to gold and foreign exchange reserves. The initiative required collecting 100,000 valid signatures within 18 months to trigger a national referendum, but ultimately only achieved about half of this goal, leading to its abandonment. Supporters had described Bitcoin as a "neutral reserve asset" and argued that it could hedge against the risks of dollar and euro reserves. Currently, dollar and euro assets account for about three-quarters of the SNB's foreign exchange reserves. However, the SNB explicitly opposed the proposal last year, arguing that Bitcoin's liquidity and volatility did not meet the requirements for central bank reserve assets.