Crypto supporter Dennis Porter claims that Swiss politician Samuel Kullmann has announced a daring plan to include Bitcoin in the country’s constitution. This endeavor would involve starting a referendum to collect 100,000 signatures in 18 months to enable a vote on the plan. Porter stated on X that even collecting the signatures would be a significant victory for Bitcoin, potentially educating Swiss cantonal lawmakers about the cryptocurrency.
A Long-Term Project with Possible Effects
Dennis Porter, CEO of Satoshi Act Fund, participated in a discussion where Kullmann’s proposal, now at the Swiss federal government assessment stage, was discussed. Kullmann acknowledged the challenge, saying, “It will be a lot of work and I know it’s a long-shot, but we need to be taking shots at the end zone now when we have the momentum.”
The proposal aligns with another initiative from the Swiss Federal Chancellery to mandate the Swiss National Bank (SNB) to hold Bitcoin in its monetary reserves. However, SNB Chairman Thomas Jordan expressed skepticism about Bitcoin in April 2024, citing issues with its sustainability and liquidity for international transfers. “We have not yet decided that we want to invest in Bitcoin. Actually, for good reasons,” he noted.
Despite these reservations, recent global events have boosted Bitcoin’s price, reigniting efforts to integrate it into the Swiss monetary system. A formal petition to include Bitcoin in reserves was submitted on December 5 after years of groundwork by Swiss Bitcoin advocates.
Switzerland has been a pioneer in cryptocurrency adoption, with Lugano leading the charge. Lugano currently accepts Bitcoin from around 260 retailers and allows tax payments in both BTC and Tether (USDT), promoting the use of cryptocurrencies in everyday financial transactions.
If Kullmann’s plan succeeds, it could set a precedent for incorporating Bitcoin into national governance, potentially reshaping the role of cryptocurrencies in the global financial system.