Switzerland's initiative to promote central banks holding Bitcoin will be terminated due to insufficient signatures

According to Reuters, the Bitcoin Initiative, which aimed to push the Swiss National Bank to include Bitcoin in its reserves, is expected to be terminated due to its failure to obtain the 100,000 signatures required to trigger a referendum.

As the 18-month collection period nears its end, the initiative has only gathered about half of the signatures. The Swiss National Bank reiterated that the price volatility of cryptocurrencies and insufficient market liquidity do not meet its foreign exchange reserve requirements. Yves Bennaim, founder of the Bitcoin Initiative, stated that although the initiative will become invalid, related discussions have made some progress.