According to Reuters, the "Bitcoin Initiative" to promote the Swiss National Bank (SNB) to include Bitcoin in its reserves failed to gather enough signatures and is expected to abandon the push for a nationwide referendum. Under Swiss law, this initiative requires 100k signatures within 18 months, but only about half have been collected so far. The Swiss central bank has previously opposed holding cryptocurrencies multiple times, citing their high price volatility and lack of liquidity, which do not meet foreign exchange reserve requirements. The proponents of the initiative argue that Bitcoin can help Switzerland diversify its dependence on US dollar and euro assets and claim it has "international neutrality."