I just saw a pretty heartbreaking and very realistic piece of news: Switzerland's "Bitcoin Initiative" to officially include Bitcoin in the country's official reserves has completely cooled down.

This initiative was supposed to amend the constitution to allow the Swiss National Bank to list Bitcoin alongside gold as part of its official reserve assets. According to Swiss rules, the initiator needs to gather 100k valid signatures within 18 months to trigger a national referendum. However, by the deadline, only about 50k signatures were collected—less than half the required threshold. The organizers directly gave up on the final push and announced the project was terminated.

Supporters originally believed that Bitcoin could help Switzerland break free from the constraints of the US dollar and euro systems, strengthen financial sovereignty, and even if only 1%-2% of reserves were allocated to it as a test, it wouldn't disrupt the existing system. But the Swiss National Bank opposed it from start to finish, citing Bitcoin's high volatility and liquidity issues as incompatible with the core requirements of reserve assets—central bank reserves need to be extremely stable and capable of emergency backing, not industry narratives or speculation.

To be honest, even though Switzerland has the globally renowned Crypto Valley filled with blockchain companies, the industry's enthusiasm hasn't translated into support from ordinary voters. The hype within the crypto community, when it reaches the level of national monetary policy and public referendums, simply can't keep up with real-world practicality.