According to Reuters, the “Bitcoin Initiative” pushing the Swiss National Bank (SNB) to include Bitcoin in its reserves is expected to be dropped after failing to collect enough signatures to move forward with a nationwide referendum. Under Swiss law, the initiative must obtain 100,000 signatures within 18 months, but so far only about half have been collected. The Swiss central bank has previously opposed holding cryptocurrencies on multiple occasions, saying their price volatility is too high and liquidity is insufficient, and that they do not meet the requirements for foreign exchange reserves. The initiative’s backers, meanwhile, argue that Bitcoin could help Switzerland diversify away from reliance on US dollar and euro assets and claim it has “international neutrality.”