TechFlow news, May 8: According to Reuters, the Bitcoin Initiative—which sought to compel the Swiss National Bank 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-collection period nearing its end, the initiative has gathered only about half that number. The Swiss National Bank reiterated that cryptocurrencies’ excessive price volatility and insufficient market liquidity disqualify them from meeting its foreign exchange reserve requirements. Yves Bennaim, founder of the Bitcoin Initiative, stated that although the initiative will lapse, related discussions have nonetheless made tangible progress.
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