Swiss lawmakers to study Bitcoin for power grid upgrade

Swiss policymaker Samuel Kullmann received a wide majority vote for a Bitcoin mining effort aimed at optimizing local power infrastructure.

Kullmann’s proposal was accepted on November 28 and could lead Switzerland to adopt BTC, according to Bitcoin (BTC) advocate Dennis Porter.

Bitcoin policy will now explore how the world’s largest decentralized proof-of-work blockchain could stabilize the Swiss energy grid and “use energy that would otherwise be wasted.” Kullmann’s proposal was accepted after an 85:46 vote in the Swiss Parliament.

Swiss march to Bitcoin

Considering that the BTC halving has generated a lot of interest from Swiss citizens, the politics regarding Bitcoin in Switzerland is no surprise. Zurich, Switzerland’s largest city, ranked first in BTC halving searches on Google, Crypto.news reported in April.

Despite US spot BTC exchange-traded fund approval months ahead, Europe dominated Google queries for information about the trillion-dollar cryptocurrency and its code changes. BTC mining reward is cut by 50% every four years to maintain scarcity and control inflation.

In August, financial records revealed that the Swiss National Bank had purchased MicroStrategy shares. Buying MSTR, the largest institutional holder of BTC with a treasury of $35 billion, could provide investors with indirect exposure to the trending digital asset.

Global adoption

BTC policy has accelerated globally in 2024, coinciding with rising global inflation concerns and increased institutional demand for BTC. Lawmakers in the US and Brazil have proposed creating strategic national BTC reserves.

Vancouver Mayor Ken Sim also advocated diversifying the city’s investments by keeping BTC on its own balance sheet. Companies around the world have allocated millions of dollars to BTC treasuries, following the model established by Michael Saylor’s software giant.