Switzerland’s initiative to urge central banks to hold Bitcoin will be terminated due to insufficient signatures.

According to Reuters, the Bitcoin Initiative—which sought to compel the Swiss National Bank (SNB) to include bitcoin in its reserves—is expected to terminate after failing to collect the 100,000 signatures required to trigger a national referendum. With the 18-month signature-gathering period nearing its end, the initiative has secured only about half that number. The SNB reiterated that cryptocurrencies’ excessive price volatility and insufficient market liquidity render them unsuitable for inclusion in its foreign exchange reserves. Yves Bennaim, founder of the Bitcoin Initiative, stated that although the initiative will lapse, the related public discourse has nonetheless made tangible progress.