Switzerland parliament member Samuel Kullmann reveals that he is currently working to incorporate Bitcoin into the constitution and national reserves.
Summary
- Swiss MP Samuel Kullmann claims he is working on trying to get Bitcoin into Switzerland’s constitution and require the Swiss National Bank to hold BTC reserves.
- While Kullmann’s pro-Bitcoin efforts signal growing political interest, the Swiss National Bank remains firmly opposed to holding Bitcoin, citing volatility and policy misalignment.
According to a video circulating online, Swiss MP Samuel Kullmann said that he and his team are working towards getting Bitcoin into the Switzerland constitution. Not only that, he also revealed that he is also working on getting the central bank to start holding the asset.
He mentions the program as an example for a concept he is developing called the “popular initiative” which would allow for citizens to vote on government programs that they believe should be championed and executed. A popular initiative would require about 100,000 signatures in order to be proposed as an amendment to the constitution of Switzerland.
“For example, getting Bitcoin into the constitution of Switzerland and making the central bank hold it. So that’s one thing that we are working on right now,” said Kullmann.
He refers to the referendum as a “defensive tool” that the public could wield against politicians to demand action or to abort on certain legislations that they disagree on.
In the past, Kullmann has consistently shown support for the adoption of Bitcoin (BTC) by the Swiss government. Since as early as 2021, he claimed that he was “very vocal about being pro-Bitcoin” as a politician in the Swiss parliament.
In November 2024, he spearheaded a motion in the Grand Council of the Canton of Bern to study and explore Bitcoin mining as a means to stabilize the energy grid and utilize surplus energy.
In the end, the motion passed with a majority vote of 85-46.
In January 2025, Kullmann launched a campaign to amend the Swiss constitution so that Bitcoin would be recognized in the constitutional framework and to require the Swiss National Bank to hold a portion of its reserves in BTC. As indicated by Kullmann’s speech, the initiative is still ongoing at the moment.
How likely is Switzerland to adopt a Bitcoin national reserve?
Despite the ongoing campaign to get central bank regulators to start holding the asset, the national bank has made its position clear on the matter. In March 2025, Swiss National Bank Governor Martin Schlegel reaffirmed the central bank’s position against incorporating BTC or other digital assets into its foreign exchange reserves.
As previously reported by crypto.news, Schlegel cited BTC’s high volatility, instability and regulatory hurdles as the reasons why the central bank does not plan on holding the asset any time soon. He stated that the Swiss National Bank’s reserves are meant to support monetary policy. Therefore, he believed that holding digital assets does not align with that objective.
Even though the Swiss central bank continues to oppose holding digital assets, Swiss banks appear to be gravitating towards crypto. Before JPMorgan declared that it would be accepting crypto as collateral, Luzerner Kantonalbank had already established itself as the first universal Swiss bank to allow its clients to use BTC and ETH as collateral for Lombard loans.
In addition, other Swiss banks like Sygnum Bank and Swissquote have also started accepting major crypto assets and crypto-based ETFs as collateral in credit lines.
According to data from Bitcoin Treasuries, the United States government remains the largest holder of Bitcoin with a trove of 326,588 BTC which is worth $37.6 billion. China has the second largest BTC stash in the world, standing at 190,000 BTC. So far, the only European countries that hold BTC are the United Kingdom, Finland, Germany and Bulgaria.
