Month: April 2024

A group of Bitcoin advocates in Switzerland have launched a campaign to convince the Swiss National Bank (SNB) to add Bitcoin to its balance sheet. 

The nonprofit organization 2B4CH aims to hold a national referendum to amend Switzerland’s constitution to require the central bank to hold Bitcoin.

BREAKING: 🇨🇭Bitcoiners to launch a petition for Swiss National Bank to buy #Bitcoin

Gradually, then suddenly 🙌 pic.twitter.com/8AkF8YrP86

— Bitcoin Magazine (@BitcoinMagazine) April 22, 2024

According to 2B4CH founder and chairman Yves Bennaïm, this move would help Switzerland maintain its political neutrality and sovereignty in an uncertain global environment. 

“We are in the process of completing the organizational preparations for the committee and preparing the documents that must be submitted to the State Chancellery in order to start the process,” Bennaïm stated.

To achieve a referendum under Switzerland’s system of direct democracy, the advocates must collect 100,000 signatures from Swiss citizens within 18 months. With Switzerland’s population around 8.77 million, roughly 1.15% of the populace needs to sign the petition. This signature requirement posed challenges when 2B4CH attempted a similar referendum in 2021.

Luzius Meisser, President of the Bitcoin trading platform Bitcoin Suisse, supports the new campaign. “By including Bitcoin in its reserves, Switzerland would mark its independence from the European Central Bank. Such a step would strengthen our neutrality,” Meisser said.

Meisser believes adopting Bitcoin could make Switzerland billions; he previously advised the SNB to allocate over $1 billion monthly to BTC instead of German bonds. However, SNB Chair Thomas Jordan has thus far resisted, claiming Bitcoin does not meet the reserve criteria.

The campaign has won support from Bitcoin advocates globally, including German politician Joana Cotar. “Now comes the popular initiative that wants to oblige the National Bank to buy Bitcoin,” she tweeted.

If successful, the move could make Switzerland the first country in the West to hold Bitcoin reserves. This mirrors El Salvador’s groundbreaking adoption of BTC as a legal tender in 2021. Proponents argue integrating Bitcoin would diversify the SNB’s assets and signal Switzerland’s commitment to financial innovation.

Today, Bitcoin mining pool ViaBTC has officially mined block 840,000, which not only ushers in the fourth Bitcoin halving, but also includes what has been deemed an “epic sat” by the Ordinals numbering system, which is the first satoshi (smallest unit of a bitcoin) of each halving epoch.

Mempool

Ordinals, numbering schemes for satoshis, have sparked controversy but also created an emerging market since its launch. These satoshis can also be classified by rarity, with “epic satoshis” being among the rarest, because they only occur at each halving epoch, which is every 210,00 blocks or approximately every four years. This scarcity has made these satoshis more valuable amongst those participating in the Ordinals market.

The rarity of Ordinals have been labeled with six different ranks, as described below.

Ordinals rarity levels:

+ common: Any sat that is not the first sat of its block

+ uncommon: The first sat of each block

+ rare: The first sat of each difficulty adjustment period

+ epic: The first sat of each halving epoch

+ legendary: The first sat of each cycle

+ mythic: The first sat of the genesis block

The value of an epic satoshi is significant enough to attract attention from miners, developers, investors, and collectors. Bitcoin block 840,000, coinciding with the halving, includes an epic satoshi, intensifying interest in the first block of the halving.

Marketplaces for Ordinals, lists rare satoshis at higher prices than what 1 normal satoshi is normally worth at a given time. These market’s include high class auction houses like Sotheby’s, signaling mainstream interest and attention.

As Ordinals and related markets continue to grow, questions arise about their impact on Bitcoin’s ecosystem. The introduction of new protocols like Runes adds complexity, attracting miners and investors seeking opportunities in this evolving landscape, as the incentives tied to “rare satoshis” and Ordinals could introduce new strategies amongst Bitcoin miners.

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